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July 27, 2007, Newsletter Issue #74: Government Accounting Process
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Tip of the Week
Government accounting is the style and standards of accounting used by government agencies. These standards and the style of accounting is established and overseen by the Government Accounting Standards Board (GASB), which in turn consults with the Governmental Accounting Standards Advisory Council (GASAC).
Government accounting standards dictate that the reported fiscal year runs from June to June - an important aspect of information about government accounting standards. If you serve a government agency, or sell to the government, be aware of facts like these!
* Note that most, if not all accounting software, confirms to these standards.
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