The Federal Accounting Standards Advisory Board (FASAB) has released Statement of Federal Financing 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. … FASAB has determined that national security concerns essentially trump the need for financial transparency to the public. So how does Standard 56 do this?”
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