Truth in Accounting has once again created a transparency score for the financial reporting by state governments to encourage the publication of transparent and accurate government financial information.

In a state where the issue of transparency in government spending is a constant source of debate, Illinois House Bill 3181 stood out as a beacon of hope for transparency and accountability at the local level. The bill aimed to enforce a comprehensive disclosure of indebtedness in financial reports and audits of governmental units, counties, and municipalities across the state.

What do the following ten states have in common? None of them have released their 2023 financial reports despite being well into 2024!

For the fourth year in a row, TIA board member Chuck Chokel has meticulously combed the U.S. Treasury's annual report and provided an analysis. Using his knowledge from the corporate world, he provides us with the most important numbers voters need to know in order to be knowledgeable participants in our democracy.

Our new Financial State of the Union report shows that the U.S. government’s financial condition worsened by $7.9 trillion in 2023. 

At the end of the fiscal year 2022, 53 cities did not have enough money to pay all of their bills.

This time of year makes me nostalgic for a bygone era. 

Am I the only one? 

Every once in a while, one must ask, what is my purpose? Given the state of the world these days, it seems like a highly appropriate question. 

So what is Truth in Accounting’s purpose? 

As I see it, in this vast sea of politics, Truth in Accounting serves to untangle the complexities of the obscure world of government accounting. It’s a topic most people fail to understand and might find boring or too complex. YET accounting holds the key to government transparency and accountability, which is the foundation of a representative form of government.

You already know that at Truth in Accounting, we point out spending issues by state and local governments. We find it imperative that taxpayers’ dollars are tracked and used wisely. However, did you know we are cognizant of both sides of this coin–the spending and tax filing sides? Just as we encourage governments to file their financial statements in a timely manner, we are helping individual taxpayers comply with the government’s requirement to do the same. 

We send out a costly press release whenever we finish a report. However, as you can see, it’s money well spent as these releases bring nationwide recognition, help spread our message, and grow our support, which moves us closer to winning this government accounting issue. 

Every year, for the past fourteen years, Truth in Accounting has released its Financial State of the States report which examines the financial status of the fifty states. This year our report was released on October 11, 2023. One of the data sets we reviewed is the auditors’ reports. Did the state receive an unmodified report for  their Annual Comprehensive Financial Report? Last year I wrote an article for Accounting Today explaining which states did not meet auditing standards for 2021. This is a follow-up to that article.

In the early 1960s, American auto manufacturer Studebaker was facing financial difficulties. Once considered a significant player among car makers, Studebaker’s sales were declining. Instead of turning to a different financial model or introducing new products to weather the storm, they turned to their employees’ pension funds.

The accounting profession has long been a cornerstone of financial stability and responsibility, but in recent years, a growing number of individuals have been leaving the field. This exodus is prompted by a multitude of challenges, ranging from the stringent 150-hour rule to issues of low compensation and arduous working hours. This first part of this article delves into the intricacies of these issues and how they are transforming the industry. The second part looks at why it is worthwhile to still consider the accounting profession regardless of the challenges.