John Steele Gordon’s heart is in the right place (“How to Stop Politicians From Cooking the Books,” op-ed, Sept. 13), though he is advocating something that already exists. The Treasury Department already issues an annual financial report prepared subject to Generally Accepted Accounting Principles (GAAP)—the Financial Report of the United States Government—and has done so for over 20 years. The report is subject to audit by the Government Accountability Office, which issues an accompanying report. The accounting standards, established by the Federal Accounting Standards Advisory Board (FASAB), have been recognized as...
John Steele Gordon’s heart is in the right place (“How to Stop Politicians From Cooking the Books,” op-ed, Sept. 13), though he is advocating something that already exists. The Treasury Department already issues an annual financial report prepared subject to Generally Accepted Accounting Principles (GAAP)—the Financial Report of the United States Government—and has done so for over 20 years. The report is subject to audit by the Government Accountability Office, which issues an accompanying report. The accounting standards, established by the Federal Accounting Standards Advisory Board (FASAB), have been recognized as GAAP since 1999.
The statements need improvements to receive a clean audit opinion. But the report and accompanying statements provide a wealth of information and have highlighted many financial issues that aren’t easily identified in budgetary reporting. In fact, the statements provide a reconciliation between the financial-accounting results and corresponding budget results, since the budget is tracked on a modified cash basis of accounting.
Donald V. Hammond
Falls Church, Va.
Mr. Hammond was fiscal assistant secretary at the Treasury Department (1998-2007).
Regrettably, the FASAB is empowered to establish accounting standards only for its annual reports, not the federal budget, which is the funhouse of smoke and mirrors. Nevertheless, it is probably fatuous to believe that even a more forthright budget would lead members of Congress to prioritize the long-term sustainability of the federal government over their short-term political interests. Honest information has long been readily available in the government’s annual report. Members of Congress have chosen to ignore it.
Em. Prof. Michael H. Granof
University of Texas
Austin, Texas
Mr. Granof recently completed two terms as a member of the FASAB.
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September 18, 2021 at 01:56AM
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Not So Easy to Uncook the Government Books - The Wall Street Journal
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