Is government GAAP necessary?

Sheila Weinberg | The CPA Journal | June 1, 2020

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

Mark Tapscott | Citizens Journal (California) | May 29, 2020

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?

Mary Pat Campbell | STUMP | May 29, 2020

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

Mark Tapscott | The Epoch Times | May 28, 2020

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

Sheila Weinberg | The Hill | May 26, 2020

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

Brandon Kochkodin | Bloomberg | May 22, 2020

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

Nadia Lopez | San Jose Spotlight | May 22, 2020

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

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

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

Cole Lauterbach | The Center Square – Illinois | May 21, 2020

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

Demian Brady | National Taxpayers Union Foundation | May 20, 2020

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.

The truth behind Illinois’ growing financial disaster

Terry Martin | Illinois Channel TV | May 19, 2020

While the attention of many is on efforts to Reopen Illinois' economy, Shelia Weinberg's focused on the growing evidence of Illinois' financial stability being in danger of collapse.

Out of the virus frying pan, into the financial fire

Sheila Weinberg | The News-Gazette (Illinois) | May 18, 2020

In his daily coronavirus briefings, Gov. J.B. Pritzker has touted that Illinois was in good financial shape before the current crisis hit. 

Truth in Accounting’s conditions on federal aid to state and local governments

Truth in Accounting | May 15, 2020

As terribly horrible are the health and economic outcomes of COVID-19, this crisis provides Congress with a unique opportunity to not just help states and local governments’ short-term financial needs, but to provide some much-needed guidance. 

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