American Institute of CPAs calls for Accrual Accounting
Apr 27, 2015
As posted on www.usaponzi.com
A long time friend of mine recently informed me of a speech he heard at a Rotary Club meeting in Denver on the topic of the Federal Government's financial condition and how the Government assesses and reports its financial status. The speaker was Greg Anton the former Chairman of the American Institute of CPAs (AICPA) (2011-2012) and during his one year term the AICPA launched a program called "What's At Stake" that is intended to promote awareness of and the need for change in the fiscal policy of the Federal Government.
This program calls for CPAs throughout the country to communicate "What's At Stake" for the country because the U.S. Government is accumulating too much debt. I, of course, found this very exciting since the primary thrust of this communication campaign is to encourage changing the budgeting and planning process used by the U.S. Government from a cash basis to an accrual basis by a national organization of Certified Public Accountants. In the terminology of my website this means switching from Cash Accounting to GAAP (Accrual) Accounting.
The AICPA produced a video in 2012 that makes the case for adopting accrual accounting since the current cash basis budgeting process does not properly assess and disclose the magnitude of our financial obligations. While the numbers used in this video are from 3 years ago, the message is the same today as it was in 2012 and the Debt and Unfunded Liabilities for social benefits have continued to increase exponentially.
This is a short (10 min) video, which I would encourage you to watch, that explains "What's At Stake".
AICPA Video "What's at Stake"
I have also posted this video prominently on my revamped home page for www.usaponzi.com so my readers can gain ready access to this strong case for the need for change in our fiscal policy by a national organization of Certified Public Accountants.
We must take action to get our Federal finances under control as we now have Public Liabilities of nominally $100 Trillion. This is insane! The CPAs won't say it that way, they are too professional, but I will say it that way. www.usdebtclock.org estimates our current Public Liabilities as follows:
National Debt $18.1 Trillion
US Unfunded Liabilities (GAAP) $95.8 Trillion Public Liabilities
The U.S. Government is causing the U.S. private sector to appear to be prosperous and rich by assuming massive Public Liabilities. But the private sector owes these Public Liabilities. The private sector just appears to be rich and prosperous with counterfeit money that has been borrowed from the future U.S. taxpayer with a corrupt and fraudulent fiscal policy supported by the use of a corrupt and fraudulent accounting system.
The future U.S. taxpayer of course can never pay this $95.8 Trillion of Public Liabilities and these Public Liabilities are, according to www.usdebtclock.org, increasing in this fiscal year (FY2015) by a GAAP Deficit of $5.6 Trillion. This is the way Ponzi schemes work, the longer they operate the bigger the con game becomes and USAPonzi has been operating since FY1969.