dChan
Anonymous ID: 499f63 May 6, 2024, 11:15 a.m. No.20828335   🗄️.is đź”—kun   >>8343 >>8521

>>20828304

The psyops run deep. Mueller (and Comey? I forget who else) were teamed with Trump to take down the mob in Atlantic City. Could the Russia Hoax have been a sting, bait to entrap Obunger and Co. into setting the precedence of investigating a president for treasonous acts?

Anonymous ID: 499f63 May 6, 2024, 12:32 p.m. No.20828624   🗄️.is đź”—kun

>>20828491

 

FASAB Statement 56: Understanding New Government Financial Accounting Loopholes

By

Editorial Team

February 21, 2023

 

 

Table of Contents

I. Introduction

II. History of the Federal Accounting Standards Advisory Board (FASAB)

III. FASAB and Standard 56

A. What Does Standard 56 Do?

B. Reporting Entities Within the Scope of Standard 56

C. Changes to Disclosure Standards Under Standard 56

D. Modifications to Avoid Disclosure of Classified Information

E. Reporting on Consolidation Entities

F. Interpretations Modifying Reporting Standards in the Future

IV. Administrative History of Statement 56

A. Commentary on Required Disclaimers

B. Federal Commentary on Standard 56 Generally

C. Concerns From Accounting Firms

V. The Results of Statement 56 for the Public

VI. About Us

 

 

December 29, 2018

 

I. Introduction

Financial accountability for the government is a cornerstone of a functioning representative democracy. The ability for the people to know where taxpayer money goes to is crucial to having an informed opinion regarding the actions of your representatives and to react accordingly. Unfortunately, as we’ve discussed in previous articles, the current state of government accounting is far from ideal–often bordering on useless to the public. This is largely due to lax enforcement of existing laws such as the Chief Financial Officers (CFO) Act, but also stems from the very real tension between completely transparent government financial disclosure and national security interests (see The U.S. Statutes Creating Modern Constitutional Financial Management and Reporting Requirements and the Government’s Failure to Follow Them, available at /the-u-s-statutes-creating-modern-constitutional-financial-management-and-reporting-requirements-and-the-governments-failure-to-follow-them/). As of the last few months, this tension has taken the future of government financial disclosure to the public to new levels of opacity. The Federal Accounting Standards Advisory Board (FASAB) has released Statement of Federal Financial Accounting Standards 56 (Standard 56), taking government accounting practices from laxly enforced reporting standards to a new benchmark entirely–expressly approved obfuscation of reporting and, in some cases, outright concealing financials.

 

This sounds fairly alarmist at first blush but, simply put, Standard 56 creates a set of situations where government entities may move numbers around to conceal where money is actually spent or even not report spending outright. Many of the concepts in Standard 56 are not new and have been discussed in FASAB reports for nearly a decade. However, these new changes make a substantial portion of government financial reporting so unreliable as to not be a useful tool to the public (see FASAB Statement of Federal Financial Accounting Standards 56, available at http://files.fasab.gov/pdffiles/handbook_sffas_56.pdf).

 

In order to fully understand Standard 56, we will be taking a fairly deep dive on the new accounting standards it creates—from the history leading up to the new rules, to summarizing the exact changes of Standard 56. We’ve said that Standard 56 isn’t new, and this is true; it has hundreds and hundreds of pages of memorandums and the like which came before it, outlining the exact parameters of these new reporting rules. For that reason, a complete summary of what a government entity must report will not be possible–or likely even useful–in an article of this length. That being said, we will explore the role of FASAB itself, the functional changes of Standard 56, and how it will impact the ability of the U.S. taxpayer to see how their money is spent.

 

https://missingmoney.solari.com/fasab-statement-56-understanding-new-government-financial-accounting-loopholes/

see also:

https://missingmoney.solari.com/