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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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.