What's at Stake? The US Government’s Financial Statements and the Country's Fiscal Health.

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Presentation transcript:

What's at Stake? The US Government’s Financial Statements and the Country's Fiscal Health

The role of CPAs Serve as trusted advisors to a variety of organizations Help businesses and individuals achieve strong financial standing Protect the public interest Explain complex financial issues Today: US Government’s Financial Statements

Budget Establishes the fiscal goals envisioned by Congress Measured on a cash basis Tool to help guide spending decisions

Financial statement Record of what has actually happened Prepared on an accrual basis Provide information about longer-term implications

Revenue = $2.4 trillion Expenses = exceeded revenue by $1.3 trillion 2011 Financial Statements

Assets= $2.7 trillion Liabilities= $17.5 trillion Accumulated deficit= $14.8 trillion

U.S. financial statements differ from other organizations Most financial statements show obligations or liabilities on balance sheet US government’s financial statements do not include Social Security and Medicare Footnote disclosures Not reflected as liabilities

Reality of future obligations These future obligations equal: $46.3 trillion in additional deficit Plus $14.8 trillion cumulative deficit Total deficit: $61 trillion deficit $61 trillion is the equivalent of: Every household in America owing the full cost of two new homes and not getting to live in them

Key data in publicly traded company’s financial statements Revenue: how much money the company is bringing in Expenses: how much money the company is spending Earnings Expenses < Revenue = Financially Healthy Company

Accumulated deficit In trillions

What’s next Visit: aicpa.org/WhatAtStake Watch What’s at Stake: A CPA’s Insights into the Federal Government’s Finances Policymakers: read the Financial Report of the US Government Citizens: read A Citizen’s Guide to the Fiscal Year 2011 Financial Report of the U.S. Government Join the public dialogue to make the county’s fiscal health a national priority

(Optional) (Add information about what you, your firm and/or your state society is doing in this area)

Thank you

What's at Stake? The US Government’s Financial Statements and the Country's Fiscal Health