Accounting standards (51 - 60 of 189 items)
Financial Statement Restatements: Trends, Market Impacts, Regulatory Responses, and Remaining Challenges
GAO-03-138: Published: Oct 4, 2002. Publicly Released: Oct 23, 2002.
A number of well-publicized announcements about financial statement restatements by large, well-known public companies have erased billions of dollars of previously reported earnings and raised questions about the credibility of accounting practices and the quality of corporate financial disclosure and oversight in the United States. Industry officials and academics have speculated that several fa...
FASAB News, Issue 75, August-September 2002
A05144: Sep 1, 2002
GAO provided information on the Federal Accounting Standards Advisory Board's recent activities, meetings, and practices...
Canceled DOD Appropriations: Improvements Made but More Corrective Actions Are Needed
GAO-02-747: Published: Jul 31, 2002. Publicly Released: Jul 31, 2002.
Congress changed the law governing the use of appropriation accounts in 1990 because it found that the Department of Defense (DOD) may have spent hundreds of millions of dollars for purposes that Congress had not approved. The 1990 law provided that, 5 years after the expiration of the period of availability of a fixed-term appropriation, the appropriation account be closed and all remaining balan...
FASAB: Assigning To Component Entities Costs and Liabilities That Result From Legal Claims Against the Federal Government; Technical Bulletin 2002-1, July 2002
A04132: Jul 1, 2002
This document clarifies the required reporting of costs and liabilities resulting from claims against the Federal government. It also requires that all liabilities and costs related to legal claims must be attributed to the component entities responsible for the programs or activities that contributed to the claims, or to their successor component entities...
Accounting Profession: Oversight, Auditor Independence, and Financial Reporting Issues
GAO-02-742R: Published: May 3, 2002. Publicly Released: May 3, 2002.
The accounting system's self-regulatory system for auditors, which largely depends on voluntary contributions from the accounting industry, is plagued by fragmentation, lack of coordination, poor communication, and conflicts of interest. In GAO's view, the current self-regulatory system is broken, and oversight by the Securities and Exchange Commission (SEC) has fallen short in protecting the publ...
Protecting The Public's Interest: Considerations for Addressing Selected Regulatory Oversight, Auditing, Corporate Governance, and Financial Reporting Issues
GAO-02-601T: Published: Apr 9, 2002. Publicly Released: Apr 9, 2002.
In the wake of the Enron collapse and the proliferation of earnings restatements and pro forma earnings assertions by other companies, questions are being raised about the soundness of private sector financial reporting, auditor independence, and corporate governance. In addressing these issues, the government's role could range from direct intervention to encouraging non-governmental and private-...
FASAB: Implementation Guide to Statement of Financing in Statement of Federal Financial Accounting Standards 7, Accounting for Revenue and Other Financing Sources: Detailed Information on the Statement of Financing
A03119: Apr 1, 2002
This document provides guidance to federal entities on the implementation of Statement of Federal Financial Accounting Standards No. 7, Accounting for Revenue and Other Financing Sources and Concepts for Reconciling Budgetary and Financial Accounting...
FASAB News, Issue 73, April-May 2002
A03579: Apr 1, 2002
GAO provided information on the Federal Accounting Standards Advisory Board's recent actions, meetings, and practices...
FASAB: Eliminating the Category National Defense Property, Plant, and Equipment: Rescinding SFFAS No. 11, Amendments to Property, Plant and Equipment--Definitional Changes; Amending SFFAS No. 8, Supplementary Stewardship Reporting; Amending SFFAS, No. 6, Accounting for Property, Plant and Equipment: Statement of Federal Financial Accounting Standards (Exposure Draft)
A02993: Mar 25, 2002
GAO provided information on the Federal Accounting Standards Advisory board's statement of federal financial accounting standards (SFFAS). The statement presents amendments to SFFAS No. 8 and No. 6 and rescinds SFFAS No. 11...
FASAB: Selected Standards for the Consolidated Financial Report of the United States Government: Statement of Federal Financial Accounting Standards (Exposure Draft)
A02948: Mar 19, 2002
GAO provided information on the Federal Accounting Standards Advisory Board's statement of federal financial accounting standards (SFFAS). This statement clarifies requirements of SFFAS, especially SFFAS No. 7...