Our south Houston area Certified Public Accountants (CPAs) answer basic accounting questions:
State and local government units: From its outset, the project leading to this Statement has included governmental units in its scope, and the Exposure Draft included governmental examples. On the basis of its study to date, the Board is aware of no persuasive evidence that the objectives in this Statement are inappropriate for general purpose external financial reports of governmental units.
Nonetheless, according to our CPAs, the appropriate structure for setting financial accounting and reporting standards for state and local governmental units continues to be discussed. Pending resolution of that issue, the Board has deferred a final decision on whether the objectives set forth in this Statement should apply to general purpose external financial reporting by state and local units.
If the responsibility for standard accounting setting was ultimately given to the Financial Accounting Standards Board, the Board would expect to consider the findings of research in process by the National Council on Governmental Accounting. Learn more from the best CPAs in Houston and check out our blog for more.
Nonetheless, according to our CPAs, the appropriate structure for setting financial accounting and reporting standards for state and local governmental units continues to be discussed. Pending resolution of that issue, the Board has deferred a final decision on whether the objectives set forth in this Statement should apply to general purpose external financial reporting by state and local units.
If the responsibility for standard accounting setting was ultimately given to the Financial Accounting Standards Board, the Board would expect to consider the findings of research in process by the National Council on Governmental Accounting. Learn more from the best CPAs in Houston and check out our blog for more.
