Greater transparency and comparability of financial information in the muni- market would benefit stakeholders. Read more
PwC encourages alignment between the GASB's and FASB's split interest arrangement guidance.
The annual PwC Global State of Information Security® surveyed more than 9,700 security, IT and business executives found that the total number of security incidents detected by respondents climbed to 42.8 million this year, an increase of 48% since 2013. It is imperative that in today’s world of distributed computing and outsourced technologies, businesses and government partners continue to assess their security posture and seek more active ways to defend networks.
PwC supports the GASB's criteria for determining when amortized cost can be used for certain external investment pools.
This report addresses the key questions which we believe are essential for a robust discussion around the active ownership and management of state-owned enterprises.
The enactment of the Chief Financial Officer’s Act (CFO Act) of 1990 and the Government Management Reform Act (GMRA) in 1994 opened a new era of financial management in the Federal government. These two laws meant that Federal Executive Agencies were required by law to prepare financial statements and have them audited by independent auditors. PwC has provided extensive internal control assessments and CFO Audit Act implementation support for two decades. We have served a number of Federal Executive Agencies by helping them succeeded with audit readiness efforts and achieve a sustainable audit opinion.
The DATA Act amends and augments FFATA in order to increase accountability, transparency, accessibility, quality, and standardization in federal spending data. Under the law, each federal agency will report financial and payment information in accordance with government-wide financial data standards, developed and issued by Treasury and OMB. The wide array of reports and data compilations related to spending that currently exist – financial management, payments, budget actions, procurements, grants, and assistance – can be standardized and streamlined.
PwC encourages convergence between the GASB's and FASB's lease accounting proposals.
With a rise in uncertainty and an increasingly complex government mission, effective risk management has become critical to the success of federal agencies.
The role of a Chief Risk Officer (CRO) has gained renewed interest within the federal government. A CRO can empower the agency to identify events that could negatively or positively impact the agency’s ability to meet its mission and objectives and to effectively manage the negative events, risks, while reaping the full benefits of the positive events, opportunities. In order to do this, the role must be established and implemented properly. PwC can help.
GASB's newly released Statement No. 72 prescribes how governments should define and measure fair value.