Separate accounting standards exist for the U.S. federalgovernment in contrast to state and local governments; discuss why this isnecessary.
Please respond to the following:
Separate accounting standards exist for the U.S. federalgovernment in contrast to state and local governments; discuss why this isnecessary.
Be sure to respond to at least one of your classmates posts. Doyou agree with your classmates perspectives? Why or why not?
Here is my classmate post. Please respond with 5-7sentences
The board that distributes the federal accounting standards ismade up of representatives from the treasury, a director in the office ofmanagement and budget controller general, a congressional budget officerepresentative, a representative from the defense and international agencies,one representative from civilian agencies, and three representatives from theprivate sector.
The principals appoint the first three board members in chargeof those departments, and their respective bodies appoint the others. The boardrecommends accounting standards after considering the budgetary and financialinformation from the federal financial information users and the public.
The different accounting standards exist due to theorganizational; purposes of the finance. Measurement and recognition of certaintypes of revenues and capital assets used to provide services to the citizens.
The government agency responsible for compiling the US federalfinancial reports is the government accountability office. The agency is alsoresponsible for auditing the reports.
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