By Howard Levy, includes “Although for more than half of my 53-year career in auditing, I managed to avoid any involvement with government GAAP. Yet I found myself interested in two articles about it in the April CPA Journal: ‘Is Government GAAP Necessary?’ by Sheila Weinberg, and ‘The Future of Government Accounting Standards’ by Joel Black. … I like the Weinberg proposal better, however, particularly because it strongly advocates total abandonment of the second set of ‘basic’ financial statements required by GASB 34. … why should government be singled out in the CPA exam among the many special industries that have their own unique accounting practices?”
Read the full article on: The CPA Journal