I am doing research for a my accounting class on recording bogus revenue and would like to relate it to the Federal Reserve and/or this fiat banking system:
This is the definitions of bogus revenue:
recording sales that lack economic substance.
recording cash received in lending transactions as revenue.
recording investment income as revenue.
recording supplier rebates tied to future required purchases as revenue.
releasing revenue that was improperly held back before a merger.
Is this plausable? I think the bold ones are applicable. Is there any hard evidence of this at the Fed?
why woule the fed have any thing to do with reporting bogus revenue surely that would be the inland revenue or the accounting standards board.
why does it have any thing to do with fiat money surely it is the reporting standards in the us not the fed the fed controls the liquidity of the country not the accounting standards.
perhaps i have misunderstood you post correct me if i am wrong.
Thanks for your reponse, and why I am asking clarity on this.
With all the stuff the Fed is doing, they must keep track of it somehow. Does the Fed actually recieve, record, and report revenue? Perhaps not the Fed, but the one of the regional Fed Banks. C4 and HHI can be done on the Fed and its regional banks, so I would conjecture that their accounting might be interesting to look at, assuming the books where open to look at.
the fed is a central bank and central banks control the money supply they have little if nothing to do with revenue and financial reporting as far as I am aware. there job is to get sufficient control of the money supply through using debt tools to control the base rate. they might have accounting records in relation to the facilities that they sell namely the amount of gilts they offer or the omo’s that they operate but they would be considered debt not revenue. i believe that the revenue you would be interested in would be corporate when businesses record their revenue on their balance sheet, profit and loss account this is down to the accounting standards body and the inland revenue who would record this. the fed would be uninterested in revenue as they deal with debt mechanisms to control inflation. if you are serious about persuing your prjoect i would look at the accounting standards at the inland revenue or the international gaap (generally accepted accounting principles). perhaps i have misunderstood your point. i will be looking at this post again shortly so if you need any further assistance post again and i will see what i can do.