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1. GASB’s OPEB proposals may have big impact   WebExclusive

BY Ken Tysiac
Proposed new accounting standards for other post-employment benefits (OPEB) published Monday by GASB are expected to have a significant impact on state and local government financial statements. GASB’s work on OPEB is intended to complement its development of new standards issued in 2012 on pensions. The goal is to present users of government financial statements an accurate depiction of the liabilities governments face in their promises to retired employees.

2. GASB pension reporting: How to obtain and audit key numbers   WebExclusive

BY Ken Tysiac
State and local government employers who participate in multiple-employer defined benefit pension plans—and the governments’ auditors—may have difficulty obtaining data required by GASB’s new pension standards to prepare employer financial statements and auditing such information. GASB Statement No. 67, Financial Reporting for Pension Plans, provides revised guidance for the financial reporting of most governmental pension plans and

3. How critical access hospitals might choose to recognize revenue from meaningful-use incentive payments   WebExclusive

BY Brent Beaulieu, CPA
In the absence of authoritative GAAP on the subject, a diversity in practice has been observed with respect to how critical access hospitals (CAHs) recognize revenue from meaningful-use incentive payments. Various viewpoints exist on how to account for the economic substance of these arrangements. This article describes three of them—although other approaches also may exist—and provides a decision-making approach to help practitioners decide which viewpoint may be the most appropriate in their circumstances.

4. GASB proposes measurement, fair value approaches   WebExclusive

BY Ken Tysiac
GASB on Thursday proposed a two-approach system to guide standard setting for measuring assets and liabilities of state and local governments. The board also issued its preliminary views regarding the measurement of fair value and the application of fair value, including note disclosures. The two-approach system is described in the proposed concepts statement Measurement of Elements of Financial Statements.

5. Proposal seeks proper ingredients in federal financial reporting   WebExclusive

BY Ken Tysiac
New standards proposed by the Federal Accounting Standards Advisory Board (FASAB) are designed to make sure the appropriate agencies and organizations are included in the federal government’s financial reporting. Under the proposed standards, the governmentwide general purpose federal financial report (GPFFR) would include organizations that are: Budgeted for by elected officials of the federal government; Owned by the federal government; or Controlled by the federal government with risk of loss or expectation of benefits.

6. FASAB issues standards for federal entities’ asset impairment   WebExclusive

BY Ken Tysiac
U.S. federal government entities will be required to report the effects of general property, plant, and equipment impairments under new standards issued Thursday by the Federal Accounting Standards Advisory Board (FASAB). Statement of Federal Financial Accounting Standards (SFFAS) 44, Accounting for Impairment of General Property, Plant, and Equipment Remaining in Use, is designed to provide clarity for users of financial statements.

7. Guidance provided on health care accounting for ICD-10 implementation costs   WebExclusive

BY Ken Tysiac
The AICPA Health Care Expert Panel has developed nonauthoritative guidance on how health care entities should account for costs incurred in connection with the implementation of the 10th edition of the International Classification of Diseases (ICD-10). By Oct. 1, 2013, the U.S. health care system is scheduled for a transition to ICD-10 from the ninth edition (ICD-9) code sets used to report medical diagnoses and inpatient procedures.

8. Health Care Guide and Emerging GAAP Issues webinar to be rebroadcast on July 30   WebExclusive

A rebroadcast of the webinar, “An Up Close Look at the Health Care Guide Including Emerging GAAP Issues,” will take place on July 30. The original broadcast, hosted by select members of the Health Care Expert Panel on June 7, delves into the revised AICPA Audit and Accounting Guide—Health Care Entities — the first comprehensive revision of the Guide since 1996.

9. GASB proposes standard on nonexchange financial guarantees   WebExclusive

BY Ken Tysiac
GASB on Monday proposed a new standard demonstrating how state and local governments should recognize nonexchange financial guarantees on their financial statements. A nonexchange financial guarantee is a credit enhancement or assurance offered by a guarantor that is provided without receiving consideration of equal value. The guarantor agrees to repay the obligation holder if the debt issuer cannot make timely payments to the obligation holder.

10. TPA gives technical guidance for health care entities   WebExclusive

BY Ken Tysiac
The AICPA Health Care Expert Panel has developed technical guidance on the application in consolidated financial statements of a recent accounting standards update for health care entities. Technical Practice Aid (TPA) 6400.47 provides nonauthoritative guidance on the application of FASB Accounting Standards Update (ASU) No. 2011-07, Health Care Entities (Topic 954): Presentation and Disclosure of Patient Service Revenue, Provision for Bad Debts, and the Allowance for Doubtful Accounts for Certain Health Care Entities.
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