At the request of Connecticut State Comptroller Nancy S. Wyman, the state's General Assembly has voted to allow the comptroller to set generally accepted accounting principles for the state, starting in 2009.Wyman, however, said that she has no intention of modifying GAAP, as set by the Governmental Accounting Standards Board, for external reporting.
In order to move the state toward reporting its budget in GAAP, however, she said that she needs to use modified cash-basis accounting while the state pays off an accrued deficit of about $1 billion.
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