Fiscal Stress Permeates Government Accounting Rule Writer's Work
Talking Tax29 Tammi

Fiscal Stress Permeates Government Accounting Rule Writer's Work

Trump administration cuts to federal funding are trickling down to cities and states across the country—and a top public-sector accounting leader is taking note. Governmental Accounting Standards Board Chair Joel Black is leading his team in crafting public sector financial reporting rules at a time when local governments are assessing resource constraints following cuts to funding resulting from the 2025 GOP tax law. The board establishes financial reporting and accounting rules for state and local governments that follow generally accepted accounting principles, or GAAP. Municipal bond insurers, taxpayer groups, and research institutes are among those that use government financial reports to analyze fiscal health. The board's work during the height of the Covid-19 pandemic informs its efforts now during another period of strain for governments. "It really honed us in to be sure we're working on only those things that are significant improvements, only those things our stakeholders are really asking us to work on," Black said. Black's board is currently undertaking a project that aims to improve financial reporting rules for governments grappling with fears they won't be able to meet their financial obligations. In this week's Talking Tax, Black sat down with Bloomberg Tax reporter Jorja Siemons to discuss GASB's financial stress-related project and the resource challenges accounting teams are facing. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

Jaksot(430)

Grant Thornton Leader Leveraged PE Deal to Raise Audit Bar

Grant Thornton Leader Leveraged PE Deal to Raise Audit Bar

Grant Thornton’s top audit leader is bullish on the practice’s future after a 2024 deal that sold a significant stake in the accounting and advisory firm to private equity investors led by New Mountai...

5 Marras 202520min

Plan to Drop 10-Qs Threatens to Trip Up Analysts' AI Models

Plan to Drop 10-Qs Threatens to Trip Up Analysts' AI Models

A Trump administration push to reduce the frequency of corporate earnings reports risks hurting the accuracy of artificial intelligence-fueled models used by analysts, an accounting adviser said. C...

29 Loka 202517min

 Treasury Is Working to Implement GOP Tax Law Amid Shutdown

Treasury Is Working to Implement GOP Tax Law Amid Shutdown

Despite the ongoing US government shutdown, many at the Treasury Department remain on the job working on guidance related to the July GOP tax law. Those at Treasury handling the international provi...

22 Loka 202516min

Ireland Mulls Tax Options to Stay Competitive in Global Economy

Ireland Mulls Tax Options to Stay Competitive in Global Economy

Ireland has presented a frugal budget for 2026 in the face of uncertainties caused by President Donald Trump's tariff and tax policies. The 15% global minimum tax on corporations and Trump's threa...

16 Loka 202511min

What an IRS CEO Means for Tax Administration, Agency Functions

What an IRS CEO Means for Tax Administration, Agency Functions

Taxpayer advocates are keeping close watch on this week's decision to name Social Security Administration Commissioner Frank Bisignano as CEO of the IRS, and have many questions about what it could me...

8 Loka 202515min

How Transfer Pricing Can Help Fix a Student Athlete Pay Problem

How Transfer Pricing Can Help Fix a Student Athlete Pay Problem

Ever since student athletes gained the right to be compensated for use of their image in advertisements and merchandise sales, the money has flooded in, but so have some problems. While the athlete...

1 Loka 202512min

Hashing Out US-World Tensions on 'Side-by-Side' Global Tax Deal

Hashing Out US-World Tensions on 'Side-by-Side' Global Tax Deal

About three months have passed since Treasury Secretary Scott Bessent announced that the US, along with its Group of Seven allies, agreed to work on a system that would exempt American companies from ...

24 Syys 202513min

How IRS Attorney Departures Will Prolong Cases, Spur Settlements

How IRS Attorney Departures Will Prolong Cases, Spur Settlements

Big job cuts and reductions in resources at the IRS are liable to prolong disputes over tax bills and force the agency to leave money on the table when cases are finally resolved. More than 170 att...

17 Syys 202512min

Suosittua kategoriassa Politiikka ja uutiset

uutiscast
aikalisa
rss-ootsa-kuullut-tasta
politiikan-puskaradio
ootsa-kuullut-tasta-2
tervo-halme
viisupodi
rss-podme-livebox
otetaan-yhdet
et-sa-noin-voi-sanoo-esittaa
rikosmyytit
the-ulkopolitist
rss-asiastudio
io-techin-tekniikkapodcast
aihe
rss-pallo-keskelle-2
radio-antro
rss-kovin-paikka
rss-sanna-ukkola-show-verkkouutiset
rss-tasta-on-kyse-ivan-puopolo-verkkouutiset