Public Sector Financial Accounting Framework approved

http://www.accountingtoday.com/news/accounting-news/public-sector-financial-reporting-framework-approved-72037-1.html IPSAS expects this to be released by end of October 2014. The final four chapters have been completed of this initiative.

Unclaimed and abandoned property

http://www.aicpa.org/Publications/TaxAdviser/2014/september/Pages/SALT_Sept2014.aspx This article address the issues around escheats. States may scramble to get to the unclaimed property as a source of revenue; technically it is not a tax, and yet may be an important source of revenue to any given jurisdiction. This article highlights some of the issues in this area.

8 bond downgrades under Governor Christie

http://watchdogwire.com/new-jersey/2014/09/10/bums-rush-new-jerseys-credit-rating-downgraded-for-record-eighth-time-under-christie/ The response includes a reference to the bondraters as "bums".

Kansas faces SEC charges

http://www.reuters.com/article/2014/08/11/sec-kansas-pensions-idUSL2N0QH15Z20140811 related to nondisclosure of pension underfunding issues to bond investors in offerings dating back to 2009 and 2010.

What is the real amount owed by the Federal government?

http://www.forbes.com/sites/johngoodman/2014/08/07/how-much-do-we-really-owe/ This blog post discusses the extent of the Federal deficit and clarifies the amount of debt.

U.S. Disability Insurance Program running low

http://www.accountingtoday.com/news/government-news/disability-insurance-program-running-low-on-funds-71473-1.html The scheduled depletion date for Social Security’s Disability Insurance Trust Fund is only two years away, in late 2016, according to a new government report.

Rainy day funds

http://www.pewtrusts.org/en/research-and-analysis/reports/2014/07/15/building-state-rainy-day-funds-policies-to-harness-revenue According to the Pew report, 12 States have placed requirements to increase reserves, depending on changes in revenues. But is it enough to weather possible downturns? See this report.