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Class Eleven -- March 5, 2015
In today's class we turn our attention to accounting issues, with an emphasis on accrual accounting. The initial readings consist of two briefing papers: one on accrual accounting and the Federal Credit Reform Act of 1990 and a second on the recognition of credit adjustment. Please read both of these papers. Then, please review the Financial Report of the United States for FY2013. (Make sure you look at the Statements of Social Insurance, starting on page 47, and accompanying notes. Entitlement programs are also addressed in the introductory materials and Management's Discussion and Analysis.) How do the accounting approach of the Financial Report go beyond the reforms of the 1990 Act?
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