Executive Office of the President

Single Accounting standard for Federal, state, and local governments

The Federal government has spent countless dollars tracking the stimulus money that has been transferred to state and local governments. I have been advocating, since the early 1980's, that (like the private sector) the public sector should have a single government-wide accounting standard, based on generally accepted accounting princlples (GAAP), for federal, state, and local governments. This single public sector GAAP-based standard would be used by government Accountants to design financial software and STANDARD accounting and budgeting financial statements that work for federal, state, and local government's, alike. We also do not need private sector AICPA contractors and financial software companies if we adopt President Obama's concept of a government of professional Accountants and IT staff and managers.

 

If you look at the Taxpayers for Government Accounting Reform website, http://www.tgar.org,, you will see that a scaled down version of a public sector GAAP-based model already exists to upgrade, test, and implement NOW. A more detailed version is available and free to the Federal government

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Idea No. 90