Connecticut Governor Jodi Rell vetoed a bill that would have allowed Connecticut to set its own accounting standards."I have serious concerns about the potential fiscal impact this bill may have," said Rell. "The plain language of this bill would allow the comptroller to issue financial statements in whatever standards she prescribed."

She admitted that the current comptroller, Nancy Wyman, did not intend to deviate from GAAP for reporting purposes, but noted that nothing in the bill would stop a future comptroller from doing so.

The bill had caused grave concern to the Governmental Accounting Standards Board, which feared that other states would abandon GAAP.

Connecticut now issues two reports, one that shows a deficit under GAAP and another that shows a surplus under its own standards.

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