Accountable Government Trends and Reporting Models
Explore the concepts of accountability in government, along with trends in oversight and financial reporting models. Discover how accounting standards aim to enhance government accountability and efficiency in this insightful presentation.
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Presentation Transcript
Accountable Government 1 WENDY M. PAYNE, CPA, CGFM AGA DC LUNCHEON FEBRUARY 17, 2016
DISCLAIMER 2 Views expressed are those of the speaker.
Overview 3 Hopes and Dreams of Accountability Reporting Model Leases Tax Expenditures
Law and Justice 4 Henry David Thoreau once said: Law never made men a whit more just.
Accountability and Politics 5 So, can accounting standards hope to make government more accountable?
Accountability to Whom? 6 Accountability means different things to different people. Citizen Legislator Executive
Accountability in the Future? 7 Trends: Oversight increasing (after having decreased) Data online increasing Budget Reform?
Reporting Model 8 Financial statements - Highly aggregated, Static, Strategic goals Multiple sources of information available through websites - GAAP and Non-GAAP
Reporting Model 9 However Users want to Review functions or programs Make comparisons Access data to create their own reports Identify trends, patterns Analyze performance Compare budgeted to actual
Reporting Model 10 How should financial reporting Relate GAAP and non-GAAP sources Help users understand Differences between government-wide and component financing The relationship among the different measurement bases Mandatory vs. discretionary spending Facilitate multi-dimensional analyses
Reporting Model 11 Given the variety of issues the model can take different paths
Leases 12 GASB s exposure draft issued. FASAB starting to work from GASB proposal.
Leases 13 Tentative decision Leases create assets consisting of the right to use a resource. Leases create liabilities consisting of the obligation to pay for the resource. Identify the interest cost
Leases-Intragovernmental Exceptions 14 Leases between two consolidation entities Treat like an operating lease. Minimal disclosure requirements.
Leases Tentative Timelines FASB/IASB Final expected soon GASB Final early 2017 FASAB ED mid-2016 and final in 2017 15
Tax Expenditures 16 What are they? Income tax code provisions that decrease tax liabilities or direct cash (credits) to taxpayers engaging in desirable activities or facing certain circumstances. Who gets them? What do you think more tax expenditures for corporations or individuals?
Tax Expenditures Source: Concord Coalition 17
QUESTIONS 18
