Government Accounting


GOVERNMENT ACCOUNTING
FASAB’s Accounting and Auditing Policy Committee issued an exposure draft of a new Federal Financial Accounting Technical Release, Clarification of Standards Relating to Inter-Entity Cost. The ED provides guidance to federal entities on three aspects of inter-entity costing outlined in SFFAS 30, Inter-Entity Cost Implementation Amending SFFAS 4, Managerial Cost Accounting Standards and Concepts, which becomes effective Sept. 30, 2008. They are: (1) guidance on costs that should be considered broad and general for all entities; (2) guidance on Directness of Relationship to the entity’s operations as used in determining if a transaction should be considered material to the receiving entity; and (3) guidance on Identifiability as used in determining if a transaction should be considered material to the receiving entity.

The ED is available at www.fasab.gov/exposure.html or by calling 202-512-7350. Comments are requested by Aug. 6.

FEATURE

Maximizing the higher education tax credits

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

SPONSORED REPORT

Solving the lease accounting challenge

The challenges of the new lease accounting standard have been pervasive to say the least. In this free, independently-written report, you'll learn effective adoption strategies as well as resources for easing the transition to the new standard.