Federal Accounting Failures Make Enron's Financial Fraud Look Like Small Change
As a former Member of the House of Representatives and a CPA, I was delighted to read the Associated Press article on April 1, 2003, quoting Federal Reserve Chairman Alan Greenspan in support of the accrual method of accounting (in which expenses are booked when incurred, not when payments are made) for federal government budgeting and reporting. Greenspan aptly pointed out that the accrual method "more clearly [lays out] the true costs and benefits of changes to various taxe
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