At Truth in Accounting, we believe that transparency and accountability in government finances are a cornerstone for an informed electorate. That’s why we’re enthusiastic about David Cotton’s recent article for the Association of Government Accountants, which takes a hard look at the shortcomings of Single Audits in uncovering fraud, waste, and abuse involving federal dollars. This is particularly timely in light of the recent and alarming fraud in Minnesota, which we have reported on before.

The Financial Accounting Standards Board’s (FASB) new guide on Financial Statement Location Dimensions is meant to enhance corporate transparency through better XBRL tagging. Its intended purpose is to demonstrate how structured data can clarify where items are reported, reducing ambiguity for users. Time will tell.

Truth in Accounting (TIA) welcomes the bipartisan introduction of the Protecting Retirement Opportunities and Maintaining Income Security for Everyone (PROMISE) Act by Senators Cassidy, Durbin, Tillis, Kaine, and colleagues. As the Social Security Trust Fund faces depletion in 2032—with an automatic 22% benefit cut looming without action—this legislation creates a much-needed procedural framework to force congressional debate and a vote on long-term solvency.

However, any meaningful solution must go beyond process. True solvency requires full accrual accounting that honestly reflects the enormous scale of Social Security’s unfunded promises.

Colorado's 2025 Single Audit identified 48 findings across state agencies, highlighting recurring weaknesses in financial reporting, cybersecurity, internal controls, and oversight of federal grant programs. While auditors noted that agencies had made progress in some areas, they also found that many longstanding problems remained unresolved.

Gov. J.B. Pritzker signed Illinois’ eighth consecutive “balanced” budget for FY2027, a record $55.9 billion plan (the largest in state history). He framed it as responsible, affordability-focused governance amid federal headwinds. This claim relies on misleading accounting gimmicks that obscure Illinois’ true fiscal picture. Here’s the full truth.

Truth in Accounting (TIA) applauds the steady global shift toward accrual-based financial reporting and budgeting, as highlighted in the International Federation of Accountants (IFAC) and the Chartered Institute of Public Finance and Accountancy (CIPFA) International Public Sector Financial Accountability Index 2025 Status Report.

Alabama’s latest Single Audit Report reveals troubling issues in the state's management of federal funds. The report highlights weak oversight, sloppy record-keeping, and broken internal safeguards across several agencies, which impact millions of dollars in taxpayer-funded programs.

Ohio families are working harder than ever, paying their taxes, and expecting the state to handle federal money responsibly. But a new state audit has some troubling news: Ohio has serious problems managing billions in federal funds for healthcare, school meals, unemployment assistance, and energy assistance for low-income families.

In the newly released 2026 Financial Transparency Score report, Truth in Accounting delivers a sobering assessment of how well state governments disclose their true financial condition to taxpayers. While the report examines multiple aspects of financial reporting—including timeliness, pension data accuracy, and off-balance-sheet liabilities—one finding stands out as particularly troubling: 13 states did not receive clean audit opinions on their financial reports.

Truth in Accounting’s Financial Transparency Score 2026 evaluates how effectively each state government discloses its true financial condition through audited financial reports.