By Joseph DioGuardi, includes “… Since 1990, the effect of not implementing accrual accounting for the annual financial statements of the U.S. government has made spending (and the resulting national debt) appear lower in the short term … I believe that the accounting profession must accept its share of the blame. Due to the accounting profession’s failure to actively support the use of full liability/GAAP for the federal government, it has ceded the integrity of the numbers to manipulation by Washington’s political establishment.” (See also this testimony by DioGuardi to FASAB from 2009.)
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