Bad Accounting Leads to Bad Decisions

Truth in Accounting discusses bad accounting practices in state and local governments across the United States and how to change them with Kevin Bronner from the University at Albany. _________________ Currently, the 50 states are required by law to balance their budgets. However, because governments use cash-based accounting, budgets that appear balanced are anything but balanced. With cash-based accounting, financial reports show expenses only when money is paid, not when debt or future expenses are incurred. This presents a flawed and inaccurate picture of governments’ financial condition. Full accrual calculations and techniques (FACT) accounting provides a more holistic view of government finances. Now is the time to advocate for common-sense reforms to government accounting and financial reporting requirements. Truth in Accounting is mobilizing experts, advocacy organizations, watchdog groups, journalists and everyday citizens to demand that state and local governments institute FACT-based accounting. Click this link below to learn more about how you can help make change. https://www.truthinaccounting.org/resources/page/fact-based-accounting _________________ Subscribe to Truth in Accounting here: https://bit.ly/2uygGER The official Truth in Accounting YouTube channel is your primary destination for informative and entertaining videos on government finances. For more about Truth in Accounting's work, visit: https://www.truthinaccounting.org Follow Truth in Accounting here: Facebook: https://facebook.com/truthinaccounting Twitter: https://twitter.com/truthinacct Instagram: https://instagram.com/truthinacct LinkedIn: https://www.linkedin.com/company/truth-in-accounting ------------ Kevin M. Bronner has a long and distinguished career in public service. A professor at the University of Albany since 1997, Dr. Bronner has taught courses in microeconomics, governmental accounting, regulatory administration, public finance, public budgeting, and strategic planning. Dr. Bronner served as a member of the University of Albany Council from 2002 to 2009, and is a member of Omicron Delta Kappa, the University at Albany’s chapter of the National Leadership Honor Society. He was also inducted into Phi Alpha Kappa, the National Honor Society for Public Affairs and Administration. He was awarded the University at Albany’s Distinguished Service Award by the Rockefeller College of Public Affairs and Policy in 2009. Dr. Bronner and his family reside in Loudonville, NY. Sheila Weinberg is the founder and CEO of Truth in Accounting. Since 2002 Ms. Weinberg has led Truth in Accounting's research initiatives. Because of her expertise in governmental budgeting and accounting, Ms. Weinberg has testified before the Federal Accounting Standards Advisory Board (FASAB), the Government Accounting Standards Board, and numerous state legislative hearings on matters of proper government accounting. Her commentary on the federal budget, Social Security, Medicare and other national issues has appeared repeatedly in numerous publications, including USA Today, the Washington Post and the Wall Street Journal. She has been a guest on local and national television and radio shows, and is often engaged to speak on federal and state budget and accounting issues. Bill Bergman serves as Truth in Accounting's Director of Research. He led question formation, idea development, and application of research initiatives. Bill teaches finance courses at Loyola University Chicago. He has over 30 years of financial market experience, including thirteen years as an economist and policy analyst at the Federal Reserve Bank of Chicago. Bill earned an M.B.A. and an M.A. in public policy from the University of Chicago in 1990.