SFAS Definition

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SFAS is Statement of Financial Accounting Standards or Statewide Fixed Assets System.

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GENERAL STANDARD, in accounting, there are ten U.S. generally accepted auditing standards. Within those standards there are three general standards: 1. The examination is to be performed by a person or persons having adequate technical training and proficiency as an auditor. 2. In all matters relating to the assignment, an independence in mental attitude is to be maintained by the auditor. 3. Due professional care is to be exercised in performing the examination and preparation of the report.

CANCEL SUPPORTING DOCUMENTS is to mark supporting documents as having been used to support a transaction so the same documents can't be used to support another transaction. An example is stamping vouchers "paid.”

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