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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A new line of business to consider

Technology assessments may open the door to new engagement opportunities for your firm. What is a technology assessment? How do you perform one? JofA Tech Q&A author J. Carlton Collins shows you in a detailed explanation.

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Maximizing the higher education tax credits

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