Government Briefs- 2011 

    Benefits of Audit Committees and Audit Committee Charters for Government Entities (June) The audit committee of a government unit plays a very important role. An audit committee established by a governmental unit offers the same strategic benefits that an audit committee offers to a publically traded company. Like a publically traded company that is accountable to its stockholders, a government unit is accountable to the taxpayers and the individuals and companies that use its services.
    GASB Standard Identifies Applicable FASB and AICPA Accounting Literature (June) The Governmental Accounting Standards Board (GASB) issued Statement No. 62,Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements, in December 2010. It should make it easier for governmental financial statement preparers and auditors to find relevant Financial Accounting Standards Board (FASB) and American Institute of Certified Public Accountants (AICPA) accounting and financial reporting literature by placing all such applicable pre-November 30, 1989 (hereafter,pre-1989) FASB and AICPA pronouncements within the authoritative GASB Literature. 

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