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 Municipalities
Get a Healthy Dose of Reality on Postemployment Benefits
The
cost of medical benefits for state and local government
retirees will soon shock taxpayers. According to a 2006
report from the Cato Institute, states and municipalities
face $1.4 trillion in unfunded promises for retiree health
benefits. Will property and state income taxes have to increase?
Will the healthcare benefits of government employees be
safe? In 2004, the Governmental Accounting Standards Board
(GASB) issued two new standards that require state and local
governments to disclose the true cost of providing postretirement
benefits, in addition to the cost of providing pensions,
to current and retired employees. Full
Story |
On the Horizon: Accountancy Reform
This year’s changing of the guard in Washington and
Albany could be good news for New York CPAs. New York State
gained many key leadership positions in the new Congress,
and a fresh pair of eyes in the governor’s office
may provide the NYSSCPA with the perfect opportunity to
modernize New York State’s antiquated accountancy
laws. Full
Story
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 Uniform
Financial Reporting Standards
Arguments
for developing and enforcing uniform international standards
for financial reporting have been eloquently articulated
elsewhere, and I shall not repeat them at length here. The
European Union and many other countries are on their way
to adopting, implementing, and enforcing the International
Financial Reporting Standards (IFRS). Indeed, the question
today is not the desirability of uniform worldwide
standards, but how we might implement them.Full
Story |