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114694 1 (1980-11-01)

handle is hein.gao/gaobacuui0001 and id is 1 raw text is: 




iACCOUNTING NEWSJ


. ;j} 7.V/c4November 1980


Financial  Accounting and
Reporting  Principles and
Standards  Being Revised

Revision  of Federal
Audit  Standards


Accounting  Standards
Board  for State and Local
Governments

AICPA Gets  New Chairman


AICPA's  93rd Annual Meeting


GAO is re-examining  its current  accounting
  and reporting  standards for  the Federal
  sector  (Title II)..........................p.


GAO also  is revising the Standards  for
  Audit of Governmental  Organizations,
  Programs, Activities  and Functions......


1


....p. 1


Efforts  to establish the Government
  Accounting  Standards Board  (GASB)
  are progressing.............................p.    2


William  S. Kanaga has been elected  as
  new AICPA  Chairman.........................p.

The AICPA's  Model Accounting Bill  was
  voted  to be returned to committee
  for amendment.............................p.


2



2


Mr. Staats was  honored by the AICPA..........p. 3


GAO's Chief  Accountant, Donald  L.
  Scantlebury,  was elected to  the AICPA's
  council........................       - .....p.


Cost Accounting  Standards
Board

FERC/American  Gas Asso-
ciation's  Gas Industry
Accounting  Liaison Group

Railroad  Accounting
Principles  Board

AICPA's Task  Force on EDP
Fraud


3


The Cost Accounting  Standards Board  closed
  its operations-on  September  30, 1980........p.  3

Several  accounting problems and  concerns
  of interest  were discussed.................p. 4


The Railroad  Accounting Principles  Board
  has been  authorized but not  funded..........p. 4

Because of  the significance of  the Task
  Force's  findings, the Computer  Services
  Executive  Committee tentatively  approved
  establishing  the Task Force  as a permanent
  subcommittee ...............................p.5


This report is prepared by the Accounting and Financial Management (AFM) Division. It is intended to help keep
managers abreast of accounting matters that are of concern to professional organizations. Matters included in this
report were topics of discussion at recent professional conferences or meetings attended by AFM Division repre-
sentatives or were topics that were brought to the AFM Division's attention as part of its official liaison respon-
sibility with professional accounting organizations.


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