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Heritage Assets and Stewardship Land
SFFAS 8 requires reporting of stewardship PP&E, which includes heritage assets and stewardship land (HA & SL). As described in SFFAS 8, required supplementary stewardship information (RSSI) is a category created by FASAB and its audit status was not designated. RSSI was intended to provide information that the Board believed was necessary for the 'fair presentation' of financial statements. In practice, preparers and users have not understood that RSSI is integral to fair presentation and people often assume that the information reported in RSSI is supplementary or of a secondary nature. This is contrary to the Board's intention. Consequently, the Board is reviewing and re-categorizing the stewardship elements in the Federal financial model. (If this effort leads to reclassification of all items in the RSSI category, the Board will ultimately eliminate the category.) The Board solicited comments on its efforts to eliminate the RSSI category through a Preliminary Views document in December 2000 . This particular project addresses appropriate categorization of two of the stewardship elements: heritage assets and stewardship land.
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If you live in the following cities and need an accountant, you should contact our Albuquerque Accountants as soon as possible:
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Latest News
Latest accountant news in Albuquerque and nationwide:
Jul 14, 2006 - Program Launch to Protect Senior Investors
Washington, D.C. - Securities and Exchange Commission Chairman Christopher Cox and North American Securities Administrator... Read more >
Jan 18, 2006 - Sage Takes Top Honors in Accounting CPA Software Technology
Irvine, Calif., July 19, 2005—Sage Software announced today that two of its small business accounting products, Peachtree ... Read more >
Apr 01, 2005 - Purpose of the Current Text Volume II And Organization of the Current Text
In addition to the authoritative volume of Original Pronouncements, FASAB Staff provides a Current Text referred to as Vol... Read more >
Legal Disclaimers The information provided on Accounting Albuquerque is not intended to be accounting advice, but merely conveys
general information related to accounting issues commonly encountered.