By Sheila Weinberg, includes “… One of GASB’s main arguments for keeping a shortsighted focus is that it most closely mirrors the way governments do their budget calculations. While this may be true, the desire to follow politically driven calculations that include loan proceeds as revenues and exclude unpaid expenses is saying that ‘two wrongs make a right.’ … Governments are now experiencing unprecedented financial difficulties. The ones that had large amounts of debt before the current crisis, including unfunded pension liabilities, will most likely experience the worst problems. As these governments are seeking federal aid, concerns are being raised …”
Read the full article on: The CPA Journal