Government Accounting


The Federal Accounting Standards Advisory Board (FASAB) issues an exposure draft of Statement of Federal Financial Accounting Standards (SFFAS), Heritage Assets and Stewardship Land: Reclassification from Required Supplementary Stewardship Information. The proposed standard would move such assets and land to a “basic information” reporting category. Currently SFFAS 8, Supplementary Stewardship Reporting, classifies information about heritage assets and stewardship land as “required supplementary stewardship reporting information”—a category unique to federal financial reporting. The ED is available online at www.fasab.gov/pdf/haslr.pdf and in print from FASAB at 202-512-7350. Comments are due November 10.

SPONSORED REPORT

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.

FEATURE

Maximizing the higher education tax credits

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