The Governmental Accounting Standards Board (GASB) was established in 1984 to set accounting standards for state and local governments in the United States. Its primary mission was to enhance the transparency and consistency of governmental financial reporting by developing government accounting standards. 

Even though business accounting standards are already in place through the SEC, the government has different accounting standards. Truth in Accounting does not understand or support this position. 

According to the GASB, its standards aim to provide a clear, comprehensive, and accurate picture of government financial health, supporting informed decision-making by stakeholders, including taxpayers, legislators, and public officials. 

However, our yearly research repeatedly shows cities and states lack significant money to pay their bills, making us question if the GASB’s aim has been met. 

Therefore, looking ahead, Truth in Accounting's next goal is to push for the GASB to eliminate modified accrual accounting in government reporting. This hybrid method combines cash and accrual accounting elements with different approaches for long-term assets like fixed assets and debt and short-term items like accounts receivable and inventory. It is not the most transparent method of accounting. It confuses citizens and elected officials about a government entity's actual financial state.

Transitioning to full-accrual accounting will be a pivotal advancement in enhancing government financial reporting and ensuring sound fiscal management, ultimately benefiting citizens across cities and states nationwide. Afterall, if the government can’t count, we can’t count on the government.