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Criticizing Government Accounting

The CPA journal (1975), 2020-12, Vol.90 (12), p.20-21

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Title:
Criticizing Government Accounting
Author: Levy, Howard
Subjects: Audits ; Exposure drafts ; Financial statements ; Funds statements ; Governmental accounting
Is Part Of: The CPA journal (1975), 2020-12, Vol.90 (12), p.20-21
Description: [...]I believe the article would make a useful training tool for young staff. While GASB has explored many other models, ranging from reporting governmental funds only on a budgetary basis to restructuring the fund model and introducing an economic resources measurement focus, it has tentatively concluded that the proposed basic financial statements still need to present short-term, long-term, detailed, and aggregate information, and that this information should be principles based. [...]since the modified accrual basis financial statements presented are conceptually unsound, without regard to whether audit scope shortcuts were taken, a clean audit opinion thereon has the potential of presenting a false sense of reliability. On June 17, GASB issued an exposure draft, "Recognition of Elements of Financial Statements," which outlines a change from the "current financial resources measurement focus" to the "short-term financial resources measurement focus."
Publisher: New York: New York State Society of Certified Public Accountants
Language: English
Identifier: ISSN: 0732-8435
Source: ProQuest Central

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