Monday, November 25, 2019

AICPA Supports Fiscal State of the Nation Resolution

Waving US Flag
Waving US Flag
Photo by Element5 Digital from Pexels

Experienced accounting professional Jessica Zamarron has served Lan Oxford as a corporate accountant since 2009. In this capacity, she is responsible for preparing and analyzing financial statements for assigned properties. As a certified public accountant, Jessica Zamarron is a member of the American Institute of Certified Public Accountants (AICPA).

The AICPA has openly applauded the two legislators who pushed for the Fiscal State of the Nation resolution in the US House of Representatives. New York Representative Kathleen Rice (D) and Kentucky Representative Andy Barr (R) introduced the measure on September 26, 2019. The proposal will make the information in the federal government’s financial reports more transparent. Once it is enacted, the US Congress will not be able to ignore the fiscal irresponsibility of the nation’s policymakers in the face of America’s looming debt.

The Fiscal State of the Nation resolution requires the US Comptroller General, who heads the Government Accountability Office (GAO), to present the executive branch’s audited financial statements, including the current and projected budget, before the budget committees of both the House and the Senate in a joint session.

In a commendation letter sent by AICPA president and CEO Barry Melancon, CPA, CGMA, to Rice and Barr, he said that to require the US Comptroller General to appear before the budget committees will provide focus to policymakers on the important aspects of the financial statements. It will also assist them in understanding the results of the audits and other related findings. The AICPA believes that the financial statements and audit reports will provide policymakers with valuable information needed for making key decisions.