Rep. Jim Renacci, R-Ohio, a CPA, has introduced a bipartisan bill to bring more accountability and transparency to the federal government’s financial statements by making the Federal Accounting Standards Advisory Board more independent.

The bill, known as the Federal Financial Statement Transparency Act, won the support of the American Institute of CPAs on Tuesday. The bill aims to encourage the federal government to clean up its balance sheet and lead to a more honest depiction of the nation’s finances, by reinforcing FASAB’s status as an independent entity for setting accounting standards for the federal government.

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