Adjustments Made to Pentagon Books | AccountingWEB

Adjustments Made to Pentagon Books

How's this for creative accounting? According to the Pentagon inspector general, money managers in charge of the Pentagon's books made almost $7 trillion in adjustments last year so figures would balance.

And the news gets worse ... lost receipts account for $2.3 trillion of the total, and about $3.5 trillion were corrections made to mistakes in prior adjustments, which represent a Defense Department accountant's attempt to correct a discrepancy.

All is safe, however, with our defense; Lisa Jacobson of the General Accounting Office (GAO), says that the lack of proper accounting does not make the Pentagon less efficient. What it does, though, is inhibit the Pentagon's ability to make sound business decisions.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.