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Governmental accounting, to me, is the hardest section of FAR to understand.
It seems 1000x more complicated and convoluted than commercial accounting. For example, General fund appropriate to other funds; when those funds want to buy/pay for something (assuming they aren’t a Proprietary fund) they encumber their appropriations and when the invoice is received they reverse their encumbrance JE and make an expenditure/voucher payable JE… right?
With that being said, does it come as a surprise to anyone studying for FAR when the news reports stuff like this?
If you don’t want to read the article, here is an excerpt:
“The chairman of the House transportation committee is calling for a hearing following a report that an obscure federal agency blew $820,000 on a conference near Las Vegas… The employees at the conference dropped thousands of dollars on luxury items and convention giveaways — including more than $6,000 on commemorative coins, $8,000 on a “yearbook” and $3,200 for an in-house mind reader.”
Bec: 8/31/12
Aud: 8/1/12
Reg: 76
Far: 73
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