Op-ed by Dannie Mahoney, Truth in Accounting, includes “… State leaders used antiquated accounting methods to balance their budgets. These methods do not achieve accounting's most basic mission of matching revenues and costs. Instead, government budgeting uses short-term cash-basis numbers when making long-term commitments. These shortcomings in financial reporting have the effect of obscuring a government's true financial condition.”
Read the full article on: Champaign-Urbana News Gazette