GASB
Persons who use governmental financial reports have different needs than those who use business financial reports. These different needs are shown in the way the framework of the accounting and reporting standards are set up. The GASB framework is geared towards being user-friendly to citizens and their elected representatives in government. These users are not the primary readers and/or targets of business reports. Thus, while some businesses might use mark-to-market accounting principles, like those employed by Enron prior to its collapse in the early days of the 21st century, GASB puts accountability and transparency at the top of its principles. The purpose of its accounting, in other words, is to show constituents what their government is doing with taxpayer dollars (Reck, 2015).
One significant example of how GASB standards address differences between governmental and business financial reporting is the Congressional Budget Office, which shows the use of fund accounting and budgetary reporting to meet public accountability needs. The CBO gives projections of federal receipts and expenditures in the national income and product accounts. This is a summary of fiscal transactions of the federal government: there is the budget of the U.S. government, which is prepared by the Office of Management and Budget and then there is the NIPA, or national income and product accounts,...
The purpose of requiring the application of professional standards rather than personal ethical values in professional accounting and auditing is precisely, to ensure that all entities are regulated and evaluated impartially and without regard to any subjective beliefs or philosophical perspectives of the individual rendering professional accounting services or conducting audits. Whereas the AICPA Code of Responsibility actually incorporates the word objectivity (in addition to the word independence), the GAS
The Meller / Feder article substantiates what Banner asserted about the diseases brought by mainlanders that killed off large portions of the Hawaiian population. Indeed, between 200,000 and 400,000 native Hawaiians lived on the Islands at about the time Captain Cook (reportedly the first white visitor) arrived in 1778; by 1910, the time of the first official U.S. Census of the Hawaiian population, there were just 38,547 natives remaining. The
However, they have also changed the face of the accounting profession in a way that will affect the education and conduct of accountants in the future. In the future, the accountant will have to do more than to balance the books. In order to understand the potential educational requirements for accountants in the future, we will examine how they have changed historically and then apply the changes that have
(Vancketta, 1999) The 'Changes' clause enables the Government "to make unilateral changes to the contract during performance, so long as those changes fall within the contract's scope." The Standard 'Changes' clause utilized in fixes price supply contracts allows the CO to make changes in writing to: 1) the drawings, designs, or specifications when the item is being specifically manufactured for the government; 2) the method of shipment or packing; or 3) the place
A micro considers the interests and rights of the individual company as the primary concern. Both of these views are valid depending on the lens that one wishes to use. The problem arises when the government is forced to develop policies regarding procurement in this volatile debate. The government must decide whether to take a micro view, favoring the rights of companies, or a macro view that places the
"Management believes that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates actual results could differ from the original estimates, requiring adjustments to these balances in future periods." Based on the data retrieved and the projections made, the accounting division will proceed to the development of the consolidated statements for all of GM subsidies and the overall group.
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