Certified Public Accountants
& Business Consultants 

The WannaCry (aka WannCrypt, WannaCrypt0r 2.0 and Wcry) global ransomware attack raises significant concerns about wide scale attacks from self-propagating ransomware. It appears the initial threat has been stopped by malware researcher MalwareTech. However, the underlying threat is still present and there is consensus copycat (and better designed) attacks are imminent.

On May 4th the House of Representatives passed a bill by a 217 to 213 margin to repeal the Affordable Care Act (ACA) and replace it with The American Health Care Act (AHCA). If enacted in its current form, the new law would eliminate most of the taxes the ACA put in place. The House bill is now in the hands of the Senate where it will likely undergo significant changes.

On May 17, 2017, the Office of Management and Budget (OMB) published a notice in the Federal Register which provides an additional one-year extension of the grace period permitting recipients of federal funds to delay implementation of the procurement requirements found in the OMB’s Uniform Guidance.

In early 2017, the Governmental Accounting Standards Board (GASB) issued two new accounting standards in order to clarify how governmental entities report fiduciary activities and to address various miscellaneous accounting issues related to blending component units, goodwill, fair value measurement and postemployment benefits.
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