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Government Accounting

Please note: This item is from our archives and was published in 2002. It is provided for historical reference. The content may be out of date and links may no longer function.

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The Federal Accounting Standards Advisory Board (FASAB) issues three pronouncements that amend Statement of Federal Financial Accounting Standards (SFFAS) no. 7, Accounting for Revenue and Other Financing Sources. The changes relate to the elimination of certain tax revenue transaction disclosures by the IRS, the Customs Service and others (SFFAS no. 20), reporting corrections of errors and changes in accounting principles (SFFAS no. 21) and certain requirements for reconciling obligations and net cost of operations (SFFAS no. 21). ( www.fasab.gov/pdf/stdedition7.pdf; www.fasab.gov/pdf/sffas21.pdf; www.fasab.gov/pdf/sffas-22.pdf)