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Politics : Formerly About Advanced Micro Devices
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To: RetiredNow who wrote (540048)1/1/2010 4:43:49 PM
From: i-node  Read Replies (1) of 1574784
 
>> to force visibility onto the issue and then force Congress to legislate those benefits away in full view of the public.

Which, of course, is the reason for making financial statements available to the public in the first place.

>> That's the problem with our government's budgets and balance sheets.

It isn't just the federal government. It is, IMO, a flawed accounting system that is used for government entities, generally.

I only had the obligatory 6 hours of Governmental Accounting in my curriculum 35 year ago. I recall my first day of the first course. The professor says, "I think you all come in here with a lot of accounting under your belts. Just forget it. It doesn't apply to governments, it is your enemy in here."

25 years later, when I was forced to do some audit work for some governmental entities, I recalled just how screwed up it is.

Governmental accounting is utterly worthless for the most part.
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