Government Accounting


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)

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The technology assessment engagement

Are you working with the best technology? Do you know how to help your clients determine if their technology stack measures up? In this free report, J. Carlton Collins, CPA, explains how to answer those questions via a technology assessment engagement.

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Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.