US has a few financial advantages

 when compared to Europe.   Natural resources, intellectual property, even the political system.   Read more at  http://247wallst.com/2011/12/28/why-americas-financial-future-is-far-better-than-europes/

U.S. Faces Fitch AAA Downgrade By End of 2013 Unless Deficit Cuts Made

http://www.bloomberg.com/news/2011-12-21/u-s-faces-fitch-aaa-downgrade-by-end-of-2013-unless-deficit-cuts-are-made.html

GAO: Navy, Marines have $22 billion in accounting errors

The GAO report, requested by seven House and Senate members, found the Navy and Marines accounting system failed an audit attempt of the “Fund Balance With Treasury,” which is the equivalent of a corporate bank account statement.
http://thehill.com/blogs/defcon-hill/navy/200837-gao-navy-marines-have-22-billion-in-accounting-errors-

Uh-oh! What's this run-out date for these pensions?

Thanks to the AGA for highlighting this research report of 126 public pension plans by Alicia Munnell of the Boston College team who did this research.  There is an interesting date that will get people talking.  As the AGA newsletter pointed out, there is a column in the appendix that might be otherwise overlooked.   It shows the year of the projected runout date for the pension trust fund using the methodology for evaluating pension funding that GASB has proposed.     http://crr.bc.edu/images/stories/Briefs/slp_23_508.pdf

The Center for Retirement Research has a number of publications of interest http://crr.bc.edu/publications/publications.html

Lessons from a century of public debt

in this research involving countries http://www.voxeu.org/index.php?q=node/7437

990 extension for certain organizations

who are efiling as per the Journal of Accountancy article http://www.journalofaccountancy.com/Web/20114913.htm

California pensions article

accompanied with a nice set of visuals at this Stanford Institute for Economic Policy Research.   Every day that something is not done....those numbers add up.   http://siepr.stanford.edu/

GASB proposal for 5 year budget projections concern Treasurers

who were meeting at the National Association of Treasurers meeting.   Read their concerns here.  http://www.bondbuyer.com/issues/120_234/gasb-state-five-year-projections-1033938-1.html

HUD flaws in accounting

for the HOME program http://www.washingtonpost.com/investigations/finding-more-flaws-in-huds-accounting-of-home-program/2011/10/13/gIQAkTlctM_story.html

GASB wants 5 year budget projections in FS

investors would get a fuller view  http://www.businessweek.com/news/2011-12-07/u-s-states-cities-face-accounting-push-to-disclose-forecasts.html

GAO still looking into for profit university practices

This is a second followup study.   None of the schools are named.
http://www.insidehighered.com/news/2011/11/23/gao-releases-new-investigation-profit-colleges

Where is your state?

In the listing of best and worst run states.   http://247wallst.com/2011/11/28/best-and-worst-run-states-in-america-an-analysis-of-all-50/8/

Impact of the GASB pension changes on

cities and states.  To do or not to do.  http://www.businessweek.com/news/2011-11-22/pensions-resist-accounting-rules-that-would-magnify-liability.html

Identity theft through the

death master file.....ugh.   http://accounting.smartpros.com/x72990.xml

GAO audit finding about IRS security

of taxpayer files http://www.foxnews.com/politics/2011/11/12/irs-having-trouble-keeping-taxpayer-files-secure-watchdog-says/?test=latestnews

FASB agenda to focus on NFPs

 per its Not For Profit Advisory Committee   Projects include one for standard setting and a research study http://www.journalofaccountancy.com/web/20114779.htm

BKD report

In Michigan, state-appointed emergency financial managers have broad authority to step in and assist financially troubled entities. http://www.bkd.com/articles/2011/governmental-financial-troubles-and-assistance.htm

When states abolish income tax

there are things to consider.   Three states have made some movement in that direction http://www.stateline.org/live/details/story?contentId=611537&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+StatelineorgRss-Headlines+%28Stateline.org+RSS+-+Headlines%29&utm_content=My+Yahoo

Moody's takes into account many factors

not just the deficity in the determination of US bond ratings   http://thehill.com/blogs/on-the-money/budget/191027-moodys-downgrade-not-guaranteed-if-supercommittee-fails

Social Security goes cash negative earlier than expected

yes this year, and possibly 5X more the amount in 2012 with changes proposed.
  http://www.theatlanticwire.com/politics/2011/10/social-security-story-s-driving-liberals-crazy/44324/

http://www.businessinsider.com/washington-post-discards-all-journalistic-standards-in-attack-on-social-security-2011-10

http://www.washingtonpost.com/business/economy/the-debt-fallout-how-social-security-went-cash-negative-earlier-than-expected/2011/10/27/gIQACm1QTM_story.html

States getting agressive with nonprofits

wanting NFPs to pitch in more for the services received.   Not a new problem, but getting more attention now http://www.governing.com/columns/public-finance/states-localities-squeeze-nonprofits.html

Pittsburg and Harrisburg

are two cities deep in debt, possibly involving state involvement.   This article gives a history of what is causing the current issues http://www.stateline.org/live/details/story?contentId=607854

GAO avoids layoffs but possibly at

the expense of furlough days. http://www.federaltimes.com/article/20111019/DEPARTMENTS05/110190302/1001

Tax, tax, tax say the various states

as indicated by quarter 3, so many new taxes implemented.   548 changes from the year's beginning through the quarter.   This article puts forth some of the cities with the highest tax rates. http://www.accountingtoday.com/news/State-Sales-Taxes-Rise-Thomson-Reuters-60534-1.html

GASB proposes resolution to conflicting guidance

due to recent pronouncements (GASB 54 and GASB 62) Comments are due in December  http://www.journalofaccountancy.com/Web/20114664.htm

Michigan moves new employees pensions to 401K

Is this a model for other states? http://www.businessweek.com/news/2011-10-11/michigan-pension-changes-may-be-model-for-struggling-states.html

Satisfying state income tax debts through Treasury offset program

States are using the Treasury Offset Program to collect on income tax liabilities. The program allows states to intercept taxpayers’ federal tax refunds to satisfy state income tax debts, subject to certain restrictions  http://www.aicpa.org/publications/taxadviser/2011/october/pages/tpp_oct2011-story2.aspx

Older news

but novel, or is it a novel idea since it's not the first time to be discussed.  The idea: to tax toilet paper  by the roll   http://www.newsmax.com/US/Suttle-toiletpaper-tax-Omaha/2011/03/25/id/390738

List of revoked exempt organizations

Quite a long list indeed. Broken down by state.http://www.irs.gov/charities/article/0,,id=240099,00.html

GASB exposure draft up for comments

This one propose reclassification of  items currently reported as assets and liabilities as 1 of 4 elements.  deferred outflows of resources (or deferred inflows) or outflows or inflows of resources     http://journalofaccountancy.com/Web/20114527.htm

Merger of nonprofit and profit

discussed in this blog posting   Interesting discussion in determining fair value of a struggling nonprofit.   These times are a-changing.
http://www.ssireview.org/opinion/entry/good_questions_about_the_jumo_acqusition/?utm_source=Enews08_25_11&utm_medium=email&utm_campaign=Odgen

Fitch maintains AAA rating

for US government, for now...http://www.bloomberg.com/news/2011-08-16/fitch-leaves-municipal-bond-ratings-tied-to-treasuries-untouched.html

Sad day for U.S government. AAA Bond rating lowered per S&P

We make history, but not in a good way.

http://www.standardandpoors.com/servlet/BlobServer?blobheadername3=MDT-Type&blobcol=urldata&blobtable=MungoBlobs&blobheadervalue2=inline%3B+filename%3DUS_Downgraded_AA%2B.pdf&blobheadername2=Content-Disposition&blobheadervalue1=application%2Fpdf&blobkey=id&blobheadername1=content-type&blobwhere=1243942957443&blobheadervalue3=UTF-8

17 countries currently with the AAA bond rating

from both Moody's and Standard and Poors. http://money.cnn.com/2011/07/29/news/international/countries_with_aaa_rating/index.htm?iid=Lead

Alabama county mulls settlement offer

in attempt to delay bankruptcy   http://finance.yahoo.com/news/Alabama-county-delays-rb-4136660051.html?x=0

States missing pension targets even

with private equity http://www.bloomberg.com/news/2011-07-26/states-miss-pension-targets-by-50-with-private-equity-proving-not-enough.html

Alabama county facing largest bankruptcy

  Jefferson County, home to Birmingham, with billions of dollars of debt related to a massive sewer project from the 90s; important meeting looming   http://www.politico.com/news/stories/0711/59914.html

IMF warnings of debt limit

"critical" is the word in use http://thehill.com/blogs/on-the-money/801-economy/173279-imf-it-is-critical-us-raise-debt-limit-control-deficit

SEC probing to

determine if selected government pension disclosures are adequate http://www.bondbuyer.com/issues/120_140/sec-probe-governmental-entities-public-pension-1029198-1.html

What will happen to the Fed's debt ceiling?

August 2 deadline, Moody's concerns  http://www.washingtonpost.com/business/economy/moodys-moves-one-step-closer-to-downgrading-us-debt/2011/07/13/gIQAPRUyCI_story.html?wpisrc=al_national

GASB issues pension exposure drafts

  Proposed changes are to how costs are calculated and also to making liabilities more transparent  http://www.accountingtoday.com/news/GASB-Proposes-Major-Overhaul-Pension-Accounting-Rules-59137-1.html

Some interesting infographics

some of government related data  http://www.accountingdegreeonline.com/20-sensational-accounting-infographics/

Defunct nonprofits

IRS weeding them out http://accounting.smartpros.com/x72238.xml

Where not to die in 2011, if estate taxes matter

Per this Forbes article http://www.forbes.com/2011/06/10/estate-taxes-map-where-not-to-die-in-2011.html

Notice that you can hover over the map to get specific information by the states with colors.

Pew State Report

and sad state of some state's pension funding.  Released April 2011 http://www.pewcenteronthestates.org/uploadedFiles/Pew_pensions_retiree_benefits.pdf

Also this New York Times article discusses what some states are doing  - workers being asked to pay in more   http://www.nytimes.com/2011/06/16/business/16pension.html?_r=1

Michigan passes controversial tax bill

The critics contend that business was rewarded at the expense of individuals.  This BKD alert summarizes some of the provisions.http://www.bkd.com/media/articles/advisor/2011/2011-06advisorSALT-1.htm

Some States rethinking tax credits

as they look for cash http://www.usatoday.com/news/nation/2011-06-05-states-budgets-tax-incentives-Michigan_n.htm

The condition of education

a congressionally mandated report presented at this website http://nces.ed.gov/programs/coe/

IRS Launches Compliance Check Questionnaire on Advance Refunding Issues

Tax Exempt Bonds ("TEB") has initiated a questionnaire project to evaluate the post-issuance compliance and record retention policies, procedures and practices of issuers and conduit borrowers of tax-exempt advance refunding bonds. TEB is sending out the questionnaire to 269 governmental entities that issued advance refunding bonds between July 1, 2009, and June 30, 2010, to refinance governmental bonds.   http://www.irs.gov/taxexemptbond/article/0,,id=239689,00.html

Some states cut unemployment benefits

Businesses pay for these benefits, and the Federal government has loaned and helped some states.   Several states have cut benefits from 26 to 20 weeks.  Florida is considering a play to tie the unemployement plan to the economic recovery.   This Washington Post article includes the different views and some of the facts about states whose Unemployment funds were at dangerous level before the slump http://www.washingtonpost.com/politics/states-cutting-unemployment-benefits-hoping-for-more-federal-help/2011/05/22/AFLbJN9G_story.html

Pension underfunding obligations will surprise taxpayers

according to this Wall Street Journal article.  It had received 181 comments in a single day http://online.wsj.com/article/SB10001424052748703421204576329134261805612.html?mod=djemEditorialPage_t#articleTabs%3Darticle

Philidelphia Housing Authority misused stimulus money

A federal audit uncovers lack of support for spending; the rehab work being done is not in question, but whether the payments were reasonable and supported is at issue.   http://thehill.com/blogs/on-the-money/1091-housing/161739-audit-reveals-housing-authority-misused-stimulus-funds

States adopting various laws related to accounting profession

This is not governmental accounting, but it shows that several states are changing laws related to the profession http://www.accountingtoday.com/news/States-Pass-New-Laws-Governing-Accounting-Profession-58400-1.html

States shortfall over 1 trillion dollars

for retiree benefits.  This Washington Post article summarizes the Pew study.  Notice the interactive map of the US therein, that will let you look up information presented by state as to several questions around pensions.  http://www.washingtonpost.com/business/economy/states-face-126-trillion-shortfall-in-funds-to-pay-retiree-benefits/2011/04/25/AFpprVmE_story.html   The link to the report itself at the Pew Center on the States is here http://www.pewcenteronthestates.org/trends_detail.aspx?id=58297

California audit findings of employee travel advances

and loans that were not paid.  Halted for now, but this state practice is now being investigated.  This LA Times April 21, 2011 story by Anthony York indicates millions of dollars at issue in terms of accountability   http://www.latimes.com/news/local/la-me-unpaid-loans-20110421%2C0%2C4285091.story

First of three GASB podcasts

on pensions http://www.gasb.org/cs/ContentServer?site=GASB&c=Page&pagename=GASB%2FPage%2FGASBSectionPage&cid=1176158425011

Effectively engaging the public is a must

for government officials.  This article by Katherine Barret and  Richard Greene is discussing the proactive role that government officials need to take to inform the public http://www.governing.com/columns/smart-mgmt/effectively-engaging-public.html

Treasury department's inspector general finds

Governments submit inaccurate tax form data, well, less than 1%, but what about the example being set  http://thehill.com/blogs/on-the-money/domestic-taxes/157205-audit-governments-could-reduce-number-of-incorrect-tax-submissions.  

Warnings of the federal debt and investors

in the muni bond react, or don't as discussed http://www.reuters.com/article/2011/04/21/us-markets-municipals-idUSTRE73K64120110421

How one of the richest counties is nearly broke

This story as reported by Bloomberg Business Week http://www.businessweek.com/magazine/content/11_17/b4225066138557.htm

Will US government bonds be downgraded?

Standard and Poors issued warnings http://www.independent.co.uk/news/business/news/sampp-springs-downgrade-warning-on-us-debt-2269709.html     Some question whether S&P has the integrity to make this kind of call   http://www.cnbc.com/id/42650973    Another perspective available in this link http://www.economist.com/blogs/buttonwood/2011/04/debt_crisis    This ten minute video from the Wall Street Journal has individuals involved in this discussing it

Governors' salaries decline

on average according to Stateline http://www.stateline.org/live/details/story?contentId=565482  Some of this driven by California, who decreased theirs, and I never Arnold never took a salary for being governor.  Public servants.

Tax Foundation Fiscal Fact releases

data from Census Bureau on State tax collections.  The 2010 data shows a decline in state revenue and reports data by state http://accounting.smartpros.com/x71703.xml

GASB looking at State's pension disclosures

The importance of the discount rate used and expected rate of return to ensure good numbers are used in the disclosures http://www.reuters.com/article/2011/04/01/us-usa-states-pensions-accounting-idUSTRE7305Z020110401

Jefferson County Alabamba in fear

of becoming bankrupt.  The Wall Street Journal article is showing how the county situation unfolded and what is currently happening to try to cope with this  http://online.wsj.com/article/SB10001424052748704559904576230452710035180.html?mod=googlenews_wsj   An earlier article also presents facts   http://www.reuters.com/article/2010/04/09/us-usa-alabama-jeffersoncounty-exclusive-idUSTRE6384NQ20100409

Revenues may have increased for

state and local governments, but there are still shortfalls http://www.washingtonpost.com/politics/revenues-up-for-state-local-governments-but-shortfalls-persist/2011/03/29/AFjjTExB_story.html

Ben Bernanke says state government budgets

still will have woes even as economy begins to rebound http://accounting.smartpros.com/x71499.xml

Governors try to curb medicaid

as discussed in this Wall Street Journal article
With many states facing deficits, Medicaid, often the most expensive state program behind local government and school district grants is being looked at closely . Medicaid, created in 1965, is a federal-state program with the federal share dependent upon the wealth of the state.
http://online.wsj.com/article/SB10001424052748704430304576170842026286166.html?mod=djem_jiewr_PS_domainid

Bill Gates says State accounting

would make Enron blush... http://online.wsj.com/article/SB10001424052748703300904576178872899979798.html?mod=dist_smartbrief

the federal debt today

this program from Stanford Graduate School of Business discussed the problem and has a video from the event at the site http://csi.gsb.stanford.edu/sobering-look-todays-federal-debt?cmpid=alumni

Governors say recovering not recovered

and that being fragile, we "don't need a hiccup right now", pertaining to the compromises being made to prevent government shutdown.  Concerns about the muni bond market as well.  http://www.google.com/hostednews/ap/article/ALeqM5j5Hhee4ylImKG7dneaOyD477h06g?docId=a4bf24d1fd6d4881b4df7701ff4dfa53

Optimistic no government shutdown

From the Hill's blog briefing room http://thehill.com/blogs/blog-briefing-room/news/146323-van-hollen-optimistic-on-shutdown

Governmental resources

at this site.  Especially useful may be under connections tab, the links to bureaus and to programs http://commerceconnect.gov/

Public Employee Pension Transparency Act

sponsored by Republicans has been gaining some support.  http://oregonbusinessreport.com/2011/02/public-employee-pension-transparency-act-gains-support/    A Wall Street Journal article on 2/22/11 also addressed this.  The act would require states and municipalities to meet new reporting standards and would ban federal bailouts of pension funds.

A governor who didn't vaporize

when he suggested that Social Security age should be raised. http://www.nj.com/news/index.ssf/2011/02/nj_gov_christie_says_us_should.html

GAO 2010 audit is critical of the SEC

and Congress is not wanting to give it a budget hike; also noted some accounting weaknesses  http://www.allheadlinenews.com/briefs/articles/90033133?GAO%20report%20hits%20SEC%20for%20accounting%20weaknesses

Some IRS 990 errors

causine certain NFP forms at Guidestar to be inaccurate http://www.bkd.com/media/articles/insights/npg/2011/2011-02alertsNPG-1.htm

State pension obligations

to be factored and looked at differently by Moodys.  More like a real debt.  Illinois is specifically mentioned.in this blog related to The Economist. http://www.economist.com/blogs/freeexchange/2011/01/fiscal_policy

When will Social Security run out of money

2037 according to this http://www.google.com/hostednews/ap/article/ALeqM5gAU2-jtPEDCH3pZrhjdQPpJUg1ww?docId=a9fb321a8efc41699a672b960d4096b4

Japan debt and bond rating

First time in nine years to have bond rating decreased by Standard and Poorshttp://www.bloomberg.com/news/2011-01-27/japan-s-debt-rating-lowered-to-aa-by-standard-poor-s-outlook-is-stable.html

Pew report on 5 stressed States

Yes, Illinois is of course one of them.  Check out what respondents had to say.  Amongst other findings, it is disturbing  but maybe not surprising, to see that 2/3 of respondents said that they do not trust state government to do what is right http://www.pewcenteronthestates.org/report_detail.aspx?id=60803   At this link the full 92 page report is also available as a pdf

Should states be able to file for bankruptcy

Talk about federal legislation to allow this.  Many implications depending on your point of view   http://www.reuters.com/article/idUSN2115727620110121

A ranking of best states to start small business

put South Dakota as number 1.  No personal or corporate income taxes are a couple factors in the list.http://www.businessinsider.com/best-state-for-your-small-business-2011-1#

GAO report and for-profit colleges

First came the report which was critical http://www.gao.gov/new.items/d10948t.pdf  Now there is a rebuttal from a for-profit advocacy group that is critical of the report saying it misstated facts and manipulated data http://www.insidehighered.com/news/2011/01/13/for_profit_advocacy_group_lays_out_critique_of_gao_report

Muni Bond Market Tumbles This Week

Challenges are described in terms of the impact of this on borrowing costs for cities, hospitals, schools.  The Wall Street Journal article from 1/14/2011 details this worrisome trend. http://online.wsj.com/article/SB10001424052748704307404576080322679942138.html?mod=ITP_pageone_0
A CBS news video from a month ago that called State Budgets: Day of Reckoning described some of the challenges is at this link (sorry for the commercials therein, but the video is interesting as this discusses some of the broad issues).  Also interesting because it included multiple state issues, including my favorite home State of Illinois featuring former Comptroller Dan Hynes - this is not an isolated problem; it is widespread.  The predictions sound scary to me    http://www.cbsnews.com/video/watch/?id=7166293n&tag=cbsnewsMainColumnArea.9

GASB 54 Summary

per BKD newsletter http://www.bkd.com/media/articles/insights/npg/2010/2010-08insightsNPG-1.htm

Internet sales tax

and how it would change business.  Talks about the problems of enforcing use tax alsohttp://www.openforum.com/idea-hub/topics/money/article/internet-sales-taxes-could-change-your-business-tom-harnish

Illinois proposed tax increases have stalled

Whew! a jump from 3% to 5.25% and a $1 increase per pack on cigarettes.  Who is surprised that this did not pass?  It is my opinion that we need to increase taxes in my home state, but what about some balance? It is a mix of cutting spending and revenue generation  http://www.bloomberg.com/news/2011-01-10/no-sign-of-movement-on-ill-tax-proposal.html