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“No money shall be drawn from the treasury, but in consequence of appropriations made by law; and a regular statement and account of receipts and expenditures of all public money shall be published from time to time.” ~ Article I, Section 9, Clause 7, U.S. Constitution U.S. Code The Chief Officers Act of 1990 HUD…

FASAB Statement 56: Understanding New Government Financial Accounting Loopholes
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FASAB Statement 56: Understanding New Government Financial Accounting Loopholes

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  Table of Contents I. IntroductionII. History of the Federal Accounting Standards Advisory Board (FASAB)III. FASAB and Standard 56A. What Does Standard 56 Do?B. Reporting Entities Within the Scope of Standard 56C. Changes to Disclosure Standards Under Standard 56D. Modifications to Avoid Disclosure of Classified InformationE. Reporting on Consolidation EntitiesF. Interpretations Modifying Reporting Standards in…

Missing Money 2021 Update

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Addendum to Missing Money—June 2021: An Additional $94 Trillion in DOD Accounting Adjustments Reported in Bloomberg. By Mark Skidmore On January 22, 2020, Bloomberg posted an article written by Anthony Capaccio, “Pentagon Racks Up $35 Trillion in Accounting Changes in One Year” (https://www.bloomberg.com/news/articles/2020-01-22/pentagon-racks-up-35-trillion-in-accounting-changes-in-one-year). In the article, the author reports that the Department of Defense recorded…

Missing Gold

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“No money shall be drawn from the treasury, but in consequence of appropriations made by law; and a regular statement and account of receipts and expenditures of all public money shall be published from time to time.” ~ Article I, Section 9, Clause 7, U.S. Constitution Gold Anti-Trust Action (GATA) All That Glitters Is Not…