Gary John Previts E. Mandell de Windt Professor Weatherhead School Case Western Reserve University Gary John Previts E. Mandell de Windt Professor Weatherhead.

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Presentation transcript:

Gary John Previts E. Mandell de Windt Professor Weatherhead School Case Western Reserve University Gary John Previts E. Mandell de Windt Professor Weatherhead School Case Western Reserve University Federal GAAP Federal Accounting Standards Advisory Board March 2008

Accountability and an Information Right The right to information from their government is an information right which is derived from the right of citizenship.

Lecture Points of View Shopping Cart for Ideas The American System: Its Sense of Purpose Federal and State Authority Budget vs. Accountability

Capital Sourcing and Information Orientation Full faith and Credit of the USA Institutions and Agency Ratings – 2008 Implications for State and Local

Accountability FASAB 10 Members Authoritative Standards for Federal Statements Sustainability Beyond the Budget Cycle Low Level of Public Financial Literacy June 1999 Wendy Comes, Journal of Accountancy

AICPA Governing Council Rule 203 Criteria Independence Due Process Unique constituency Resources Comprehensive and Comparable/Consistent

Commentary MOU: Treasury; GAO and OMB FASAB: Substantial Authoritative Support AICPA Rule 203: 1999, 2004 Statement of Social Insurance David Mosso, Robert Allen Standards: Sovereignty SFFAS: 32 to date CFRs and PARs

Strategic Role of Information Information about money has become almost as important as money itself Walter Wriston

CFR and PAR Comprehensive Financial Report: Federal Government FY 1997 to date Performance and Accountability Report: Agency The Performance and Accountability Report combines detailed information on the Department's audited financial statements and performance results achieved. The Report is submitted to the President, Congress, and members of the public to inform on how well the Department performed in managing its programs and finances.

10 There is no greater power than foretelling the future…. Steven Allan Spielberg KBE Steven Allan Spielberg KBE

George O May 1955 …accounting must be prepared to adjust itself with greater rapidity.