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)

Companies Face Tariff-Induced Transfer Pricing Audit Risks

Companies Face Tariff-Induced Transfer Pricing Audit Risks

President Donald Trump's widespread tariffs are boosting tax dispute risks for companies that are scrambling to understand how to factor the new trade duties into their transfer pricing and tax planni...

12 Syys 202512min

Enrolled Agents Anticipate IRS Chaos for Next Tax Filing Season

Enrolled Agents Anticipate IRS Chaos for Next Tax Filing Season

Tax preparers consider themselves foot soldiers on the front lines of Americans' income tax preparations. They provide advice and file the returns, helping the government collect its revenue and ma...

10 Syys 202511min

Congressional Deadline on Shutdown Deal Adds to IRS Challenges

Congressional Deadline on Shutdown Deal Adds to IRS Challenges

Congress is back in session with just a few weeks to reach an agreement before government funding runs out Sept. 30. For IRS watchers, the lack of agreement on how to fund the tax collection agency or...

3 Syys 202512min

IP Poses Risks, Opportunities for Companies' Tariff Planning

IP Poses Risks, Opportunities for Companies' Tariff Planning

As President Donald Trump's tariffs make waves in the world economy, multinational companies are mulling what it could mean for their intangible assets like intellectual property and brand recognition...

29 Elo 202515min

KPMG Juggles AI Efficiency Gains With Long-Term Talent Strategy

KPMG Juggles AI Efficiency Gains With Long-Term Talent Strategy

Big Four accounting firms are racing to integrate next-generation AI technology across their service lines and develop a talent strategy to match the industry's new era. KPMG is focused on making ...

27 Elo 202515min

Cross-Border Tax Evasion Is an Old Story, Roman Scroll Reveals

Cross-Border Tax Evasion Is an Old Story, Roman Scroll Reveals

Proof from an ancient Roman scroll: As long as there have been taxes, there has been tax evasion. When researchers studied a previously mislabeled scroll, they discovered detailed attorney notes fo...

20 Elo 202514min

Pharmaceutical Companies Navigate Transfer Pricing as Tariffs Loom

Pharmaceutical Companies Navigate Transfer Pricing as Tariffs Loom

Pharmaceutical companies are scrambling to respond to the Trump administration's tariff threats, seeking to mitigate duties on their products while keeping the impact on their tax bills to a minimum. ...

15 Elo 202518min

Help Wanted: Top Job at IRS Open After Confirmed Chief Splits

Help Wanted: Top Job at IRS Open After Confirmed Chief Splits

One of the most unwanted jobs in Washington is now up for grabs—again. President Donald Trump's IRS commissioner, Billy Long, exited as the head role last week and is expected to be nominated as t...

13 Elo 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