Is government GAAP necessary?

June 1, 2020 | The CPA Journal

Should CPA students no longer have to learn the basics of government accounting? According to a new AICPA exposure draft, Maintaining the Relevance of the Uniform CPA Examination.

As America divides, Florida and Texas head one way, California and New York go the opposite direction

May 29, 2020 | Citizens Journal (California)

In her long and futile search for why she lost the 2016 election, former Democratic presidential nominee Hillary Clinton did manage to find some solace in the areas she carried against President Donald Trump.

State bankruptcy and bailout reactions: Would pensions really have to be cut in bankruptcy?

May 29, 2020 | STUMP

If there is a court-supervised process, as with Detroit’s massive municipal bankruptcy that means all creditors will have to see cuts. Including pensioners.

States demanding the biggest bailouts do least to control spending, deficits

May 28, 2020 | The Epoch Times

When Illinois legislators approved a $42.8 billion budget … official revenue projections were only for $36.8 billion. Lawmakers weren’t worried about the resulting deficit, however, because they assumed the state would borrow at least $5 billion to close the revenue gap.

Federal aid to state and local governments should rely on real numbers

May 26, 2020 | The Hill

The $3 trillion Heroes Act has passed the House of Representatives and awaits a vote in the Senate. The law would provide $1 trillion of federal aid to state and local governments. 

All the loopholes US states have to ‘balance’ their budgets

May 22, 2020 | Bloomberg

As state finances across America are upended by the coronavirus, almost all of them face the same, self-imposed, problem: How to balance their budgets.
 

Report sheds light on San Jose’s debt woes as it confronts pandemic

May 22, 2020 | San Jose Spotlight

While the pandemic blows holes in city budgets across the nation, a new report released this month shows San Jose was already financially struggling before the coronavirus collapsed local economies.

Truth in Accounting’s Sheila Weinberg on Illinois finances post COVID-19

May 21, 2020 | Chicago’s Morning Answer, AM 560 Radio

They have put out a new report at the city level, big cities, including Chicago, and what the picture looks like for those cities. 

As budget decisions loom, decades of pension shortfalls haunt Illinois and Chicago

May 21, 2020 | The Center Square – Illinois

At the top of Illinois lawmakers’ agenda as they return to Springfield is crafting a budget in the midst of record revenue shortfalls inflicted by the COVID-19-related shutdowns. 

Reforms will be needed to fix the worsening budget outlook

May 20, 2020 | National Taxpayers Union Foundation

In response to the severity of the COVID-19 pandemic and the economic impact of social distancing, Congress has enacted four major legislative packages providing trillions of dollars in aid.

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