Insights

The Governmental Accounting Standards Board (“GASB”) has issued GASB Statement No. 85, Omnibus 2017, to address the following accounting and financial reporting matters:

Later this year, some companies will be required to change the way they present expenses related to retirement benefits. The Financial Accounting Standards Board (“FASB”) has issued Accounting Standards Update (“ASU”) No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which is intended to improve the presentation of pension costs.

In Exelis, Inc., ASBCA No. 60131 (29 Aug. 2016), the Armed Services Board of Contract Appeals (“ASBCA”) held that a concern whether a building lease was a capital lease or an operating lease is not subject to Cost Accounting Standards (“CAS”) 404.