Federal Compliance accounting

http://sfmagazine.com/post-entry/february-2016-federal-compliance-accounting/ This article is from the Strategic Finance Magazine of the CMA. Here are some important subjects students and practicing accountants should understand: Cost Accounting Standards (CAS) Disclosure Statements Federal Acquisition Regulations (FAR) Office of Management & Budget Circulars (OMB A-21 and A-122)

GASB proposes disclosures for tax abatement agreements

http://www.journalofaccountancy.com/News/201411250.htm The proposal is open for comment through June 30. Disclosure items as to amount, number of agreements, general information such as provision to recapture abatements are required. These incentives, typically to stimulate economic development can impact a government's revenue stream.

Kansas faces SEC charges

http://www.reuters.com/article/2014/08/11/sec-kansas-pensions-idUSL2N0QH15Z20140811 related to nondisclosure of pension underfunding issues to bond investors in offerings dating back to 2009 and 2010.

New Jersey didn't have all disclosures

New Jersey recently settled a claim from the SEC that the state failed to disclose to bond investors that it didn't properly fund two of its pension plans when it issued bonds from 2001 to 2007. Likely more lawsuits in crackdowns to come  http://accounting.smartpros.com/x70295.xml