Accounting
AICPA Signals Strong Support for Fiscal State of the Nation Resolution
AICPA believes that the consolidated federal financial statements and the Government Accountability Office (GAO)’s audit report provide valuable information on the financial condition of the federal government and the policymakers should consider this ...
Aug. 05, 2021
The American Institute of CPAs (AICPA) is signaling its strong support for the bipartisan joint House/Senate resolution on the Fiscal State of the Nation, which will promote greater transparency on the information included in the federal government’s financial report.
The resolution, introduced in both the House and Senate today, has garnered strong bipartisan support. Representatives Kathleen Rice (D-NY) and Andy Barr (R-KY) introduced a resolution in the House with 74 additional co-sponsors, and Senators Krysten Sinema (D-AZ), Joni Ernst (R-IA), Angus King (I-ME), Mark Kelly (D-AZ), Mike Braun (R-IN), Steve Daines (R-MT) and Jacky Rosen (D-NV) introduced a resolution in the Senate.
AICPA President and CEO, Barry C. Melancon, CPA, CGMA, commended the efforts of our elected officials to increase transparency of our nation’s fiscal health, saying, “Our nation’s fiscal health is of paramount importance and promoting transparency on our fiscal state is a key step to understanding the long-term economic impact of current and future policies. Requiring the Comptroller General to make an annual presentation before a joint hearing of the House and Senate Budget Committees will help to focus key policymakers on some of the most important aspects of the consolidated financial statements, including financial and sustainability measures.”
AICPA believes that the consolidated federal financial statements and the Government Accountability Office (GAO)’s audit report provide valuable information on the financial condition of the federal government and the policymakers should consider this information while making key decisions.
The U.S. Treasury began preparing consolidated financial statements of the federal government approximately 20 years ago and the GAO performed its first audit with the 1996 federal fiscal year. AICPA applauds the federal government for making significant improvements in federal financial management and reporting over the years. However, there are still obstacles that the government has not been able to overcome that have kept the GAO from rendering an opinion on the federal consolidated financial statements.
The Fiscal State of the Nation Resolution has received strong support from the AICPA, Americans for Tax Reform, the Committee for a Responsible Federal Budget, the Concord Coalition and the National Taxpayers Union.