Government Accounting



FASAB has issued Interpretation 7, Items Held for Remanufacture. The interpretation provides guidance for the classification, valuation and reporting of items that are held for remanufacture (including items in the process of inspection, disassembly, evaluation, cleaning, rebuilding, etc.) prior to sale or internal use. It applies the Statement of Federal Financial Accounting Standards 3, Accounting for Inventory and Related Property, and other existing standards. The interpretation is available at www.fasab.gov/codifica.html.

 

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VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.