A Fiscal Reality: The Kentucky Society of CPAs and AICPA Support the Fiscal State of the Nation Resolution
The U.S. government’s balance sheet indicates that, over time, the nation has an accumulated deficit (from annual shortfalls) of $21.5 trillion. To put that in perspective, if you made a stack of 21.5 trillion $1 bills, you would be able to go to the moon and back more than three times.
Recently, Representatives Kathleen Rice (D-N.Y.) and Andy Barr (R-K.Y.) introduced the Fiscal State of the Nation resolution, H. Con. Res. 68, with 103 additional co-sponsors. It provides “for a joint hearing of the Committees on the Budget of the House of Representatives and the Senate to receive a presentation from the Comptroller General of the United States regarding the audited financial statement of the executive branch.” The resolution ensures that members of Congress are made aware of the information in the federal financial statements and helps them to better understand how current and/or future policy may affect the nation’s long-term fiscal health.
“We thank Representatives Rice, Barr and the more than 100 other members who signed on to this important resolution,” said Darlene Zibart, KyCPA CEO. “Their leadership will help ensure that key policymakers are focused on some of the most important aspects of the consolidated financial statements, including financial and stability measures. The Kentucky Society of CPAs is encouraging each Kentucky Member of the U.S. House to also support this resolution by becoming a co-signer.”
AICPA also supports the Fiscal State of the Nation resolution. The profession 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 that policymakers should consider this information while making key decisions.
 As of September 30, 2018.
We’re all about you, so let’s get social
We like you, so why don’t you go ahead and like us … on Facebook, that is, at Kentucky Society of CPAs.
Stalk us on Twitter @kycpanews - or, for legislative updates, @kycpadvocacy.
Link up on LinkedIn. Watch us on the Kentucky Society of CPAs YouTube channel. And picture us on Instagram - kycpanews.
And better yet, talk to us, comment, post those #cpaselfies, retweet us and share us.
Armada Executive Intelligence System
If you enjoy Chris Kuehl’s Business Intelligence Brief and would like more business and economic information - you need to check out the Armada Executive Intelligence System (AEIS). This series of briefings are designed to keep executives abreast of risk issues important to anyone running a corporation or those who are counseling them. Click here for more information.
If you are not currently receiving the Business Intelligence Brief and would like to be added to the email list please contact Heather Hibbs at firstname.lastname@example.org.