A bill before the Connecticut State Senate would give its state comptroller the legal authority to establish generally accepted accounting principles for the state's financials, thereby sidestepping the Governmental Accounting Standards Board - the standard-setter for governments and municipalities.Proponents said that GASB's accounting rules make it hard to achieve a balanced budget, which Connecticut requires.
In 1993, the state passed a law that required it to use the standards issued by GASB, but has delayed implementing the rules due to a lack of money, and in the 14 years since, Connecticut has amassed a deficit of roughly $1 billion. Adoption of GASB's standards would entail the state paying down that figure at a clip of $150 million a year.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access