Financial State of the Cities 2024

February 15, 2024

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

Nostalgic for a By-Gone Era

December 13, 2023

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

Am I the only one? 

The Purpose of Truth in Accounting

December 10, 2023

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.

Did you know?

November 30, 2023

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. 

Media Results from our 2023 Financial State of the State Report

November 2, 2023

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. 

state audit opinion

Did your state receive a clean audit opinion? 2022 Update

Chrisitine Kuglin | October 22, 2023

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.

ERISA and the Shift from Pensions to 401(k) Plans

October 16, 2023

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 Evolving Landscape of Accounting: Challenges and Transformation

Christine Kuglin | October 13, 2023

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.

Financial State of the States 2023

October 11, 2023

Our fourteenth Financial State of the States report found debt among the states was $938.6 billion, which is down from $1.2 trillion at the end of fiscal year 2021. Overall, it appeared state debt decreased primarily due to the following two factors: tax revenue increases due to the lockdowns ending, and millions, if not billions, of dollars in federal COVID funds received by the states.

Government Accounting Deserves Scrutiny

Sheila Weinberg | October 6, 2023

Today, I want to reiterate Truth in Accounting's message. 

Government accounting is complexall the more reason to welcome its scrutiny in our representative form of government.

The following concepts highlight various ways government accounting practices and standards can be manipulated, ultimately affecting transparency, fiscal accountability, and the ability to make informed decisions about government finances.

Full Accrual vs. Cash-Basis Accounting Discrepancy: The government uses cash-basis accounting in its budgetary process, which records transactions when cash is received or disbursed. This leads to discrepancies in reporting actual financial health, as it doesn’t account for future obligations or revenue expected to be received.

ERISA Explained

ERISA Explained

September 27, 2023

The world of retirement benefits is complex and multifaceted, especially when it comes to pensions. Sometimes, you might feel like you need an accounting degree to understand them. One law worth understanding plays a significant role in regulating pensions: the Employee Retirement Income Security Act or ERISA. Let’s break down how ERISA, which was enacted in 1974, affects employees’ retirement benefits today.

Meet the Interns: Bright Ikwetie

September 27, 2023

Bright is an Associate member of The Institute of Chartered Accountants of Nigeria (ICAN) and a graduate of accountancy. He has a Google Project Management certificate, and he is IBQMI® - Certified Lean Project Manager®. He is a financial management specialist, internal controls, and risk management and compliance focus. He is ethically driven, self-motivated, progressive, and passionate about the accounting profession and information technology.  

Meet the Interns: Amber Saxon

Amber Saxon | August 31, 2023

Hi! My name is Amber Saxon, I am the current content creator and social media marketer for Truth in Accounting. I recently graduated from Bowling Green State University in April with a degree of Bachelor of Science in Business Administration specializing in Marketing and minoring in Fashion Merchandising and Product Development.

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