By Samantha Fillmore, includes “… GASB legally permits state and local governments to conduct their accounting using ‘modified accrual accounting,’ which is simply ‘cash basis accounting’ under another name. This means that governments can hide substantial portions of their debt while claiming loans and other sources as assets, allowing all levels of government to paint a false narrative of their financial condition. In other words, GASB makes Bernie Madoff look ethical.”
Read the full article on: American Thinker