Annual update released for state and local government audit and accounting guide

The American Institute of Certified Public Accountants (AICPA) on May 23, 2018, released the annual update for its Audit and Accounting Guide (AAG) AAG: State and Local Governments (aag-slg).

The 2018 edition of AAG: State and Local Governments (aag-slg) is updated with material reflecting the Governmental Accounting Standards Board’s (GASB) publication of GASB Statement (GASBS) No. 83, Certain Asset Retirement Obligations, GASBS No. 84, Fiduciary Activities, GASBS No. 85, Omnibus 2017, GASBS No. 86, Certain Debt Extinguishment Issues and GASBS No. 87, Leases.

The guide also contains the schedules Governmental Employer Participation in Single-Employer Plans: Illustrative Schedule of Pension Amounts and Report and Illustrative Notes to Schedule of Employer Allocations and Schedule of Pension Amounts.

In addition, the 2018 update has guidance for performing and reporting on audit engagements, including financial reporting and the financial reporting entity, revenue and expense recognition, capital asset accounting, the elements of net position, fair value accounting, municipal securities offerings and tax abatements.

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