Despite the fact that Norwalk, Conn., is located roughly 50 miles north of the Accounting Today offices, I was fairly certain I could hear sighs of relief emanating from the Governmental Accounting Standards Board and echoing all the way down to lower Manhattan.

The standard-setter for state and municipal governments was no doubt relieved when Connecticut Governor M. Jodi Rell surprisingly vetoed a bill that would have allowed the state to set its own accounting standards, thereby leaving GASB, both figuratively and literally, in its rear-view mirror.

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