About
The Albany Project seeks to return New York State Government to its rightful owners - the people.

Getting Started at the Albany Project

New York Blogwire



This belongs to you. Take it back...

Bring on GAAP and the Independent Accountants!

by: robinia

Wed Mar 10, 2010 at 14:36:11 PM EST


They say that when sausage is made, it sometimes smells in the kitchen.  Albany government never passes the smell test (that's why the Capitol is in such a windy spot...), but, at budget season, it gets worse.

Which is why Lt. Gov. Ravitch's Five Year Plan to Address the NYS Budget Deficit is such a welcome breath of fresh air, even if it does admit we will have to borrow this year.

Lawmakers' reactions, of course, focus on what the plan means for this year's budget, and whether we can borrow to close the giant gap.  Ravitch's report, on the other hand, focuses on changing the rules to take some of the shenanigans out of the process, and put some relative adults (an independent Financial Review Board) in charge of reporting actual-factual facts about the State we are in....

To me, if our sorry excuse for a state government were to, through a series of personal foibles on the part of Executives, fall into the hands of a technocrat with more faith in accountants than politicians.... that would be an excellent thing.  Go read the whole thing.

robinia :: Bring on GAAP and the Independent Accountants!
Tags: , , (All Tags)
Print Friendly View Send As Email
plan (4.00 / 1)
I read the plan but need to read it again.  I looked, but didn't see the part about who exactly goes to jail if the budget is not balanced in the future.

It's an interesting plan (0.00 / 0)
I'm still working through it, but I know that I'm tired of the contortions and tricks that governors have been using to "balance" the state budget.  I know Pataki was notorious for back-door borrowing, and the breaking open various "lockboxes" to get through the year.  Paterson's done the same thing, with his "sweep" of various state funds last year.  

It's why I've gotten very cynical about any initiative to create a "dedicated funding mechanism" for various programs.  Not that I disagree with the principle, it's just that it turns out to be darn near impossible to keep it being dedicated.  There always seems to be some excuse - just this once, mind you - to dip into it for something else.  


Looks like Ravitch (4.00 / 2)
has become our de facto Governor

We could do a lot worse. n/t (0.00 / 0)


[ Parent ]
GAAP's a mess, but it can't be worse than this. (0.00 / 0)
Unfortunately, given the shenanigans played by major corporations with GAAP, I don't think it really helps with honest accounting.

However, the homebrewed "shuffle things between boxes" cash accounting used by the state government seems to be such a mess that GAAP can't be worse.  I doubt it will be better.

GAAP is on the way out due to its tendency to promote accounting scams.  We should ACTUALLY be going to IFRS, the International Financial Report Standards.  They're "principles-based" instead of "box-ticking", which means that there's no such thing as "obeying the letter but not the spirit".

Independent accountants auditing the books are definitely a good idea.  If they were auditing IFRS-based books it would be much better, as they would be obliged to report any violations of principles of accounting.

 


The Albany Project

Please take my Blog Reader Project survey.

Menu

Make a New Account

Username:

Password:



Forget your username or password?


Search




Advanced Search


NY blogs

Politics

Adirondack Almanack
Buffalo Geek
Buffalo Pundit
Capitol Confidential
Daily Gotham
Daily Politics
DMI Blog
DragonFlyEye
Empire Page
Empire Zone
Gothamist
Gotham Gazette
Group News Blog
Jason Gooljar
Left of the Hudson
Living In Dryden
Lost In The Ozone
McHugh Watch
Nassau GOP Watch
Planet Albany
Politicker NY
Politics on the Hudson
Reform NY
Rochester Turning
Room 8
Simply Left Behind
Take19
The Community Alliance

Think Tanks

Brennan Center for Justice
Citizens Budget Commission
Citizens Union
Drum Major Institute
Fiscal Policy Institute
New Democracy Project
Progressive States

Organizations

Citizen Action
Citizens for Better Government in New York
Common Cause
New York Citizens for Clean Elections
Progressive States Network
>
National Blogs

Politics

AmericaBlog
Crooks and Liars
DailyKos
Digby
Eschaton
Firedoglake
MyDD
Political Cortex
Senate Guru
Skippy
Swing State Project
Talk Left
Talking Points Memo
The Right's Field

LBAN Network

Agonist
All Spin Zone
AlterNet
AMERICAblog
American Street
ArchPundit
BAGNewsnotes
BartCop
Big Head DC
Blogging of the Pres
BlogACTIVE
Bluegrass Report
Bluegrass Roots
Blue Indiana
BlueJersey
Blue Mass. Group
BlueOregon
BlueNC
Bob Geiger
Booman
BRAD Blog
Brendan Calling
Buckeye State Blog
Burnt Orange Report
Calitics
Capitol Annex
Carpetbagger Report
Chris Floyd
Clay Cane
Cliff Schecter
Comments from Left Field
Confined Space
Corrente
Cotton Mouth
Crooks and Liars
culture kitchen
Cursor
Daily Gotham
Daily Kos
David Corn
Democrats.com
Dem Bloggers
Deride and Conquer
Democratic Underground
Digby
DovBear
Drudge Retort
Ed Cone
ePluribus Media
Eschaton
Ezra Klein
Feministe
Feministing
Firedoglake
Fired Up
First Draft
Frameshop
Greatscat!
Green Mountain Daily
Greg Palast
Hoffmania
Horse's Ass
Hughes for America
In Search of Utopia
Is That Legal?
Jesus' General
Jon Swift
Juan Cole
Keystone Politics
Kick!
KnoxViews
Las Vegas Gleaner
Latino Pundit
Lawyers, Guns and Money
Left Coaster
Left in the West
Liberal Avenger
Liberal Oasis
Loaded Orygun
Mahablog
Majikthise
Make Them Accountable
Matthew Yglesias
MaxSpeak
Media Girl
Michigan Liberal
Minnesota Campaign Report
Minnesota Monitor
MyDD
My Left Nutmeg
My Left Wing
My Two Sense
Nathan Newman
Needlenose
Nevada Today
News Corpse
News Dissector
Newshoggers
News Hounds
Nitpicker
Oliver Willis
onegoodmove
OpenLeft
PageOneQ
Pam's House Blend
Pandagon
People's Rep. of Seabrook
PinkDome
Politics1
Political Animal
Political Wire
Poor Man Institute
Prairie State Blue
Progressive Historians
Raising Kaine
Raw Story
Reno Discontent
Republic of T
Rhode Island's Future
Rochester Turning
Rocky Mountain Report
Rod 2.0
Rox Populi
Rude Pundit
Sadly, No!
Satirical Political Report
Seeing The Forest
Shakesville
SirotaBlog
SistersTalk
Skippy the Bush Kangaroo
Slacktivist
Smirking Chimp
SquareState
Suburban Guerrilla
Swing State Project
Talking Points Memo
Talk Left
Tapped
Taylor Marsh
Tattered Coat
Texas Kaos
The Albany Project
The Blue State
The Democratic Daily
The Hollywood Liberal
The Reaction
The Talent Show
This Modern World
Town Called Dobson
Turn Maine Blue
Uppity Wisconsin
Wampum
War and Piece
WashBlog
Watching the Watchers
West Virginia Blue
Young Philly Politics
Young Turks

Register to Vote: Rock the Vote, powered by Working Assets Wireless

blog radio

Get the albany project in your inbox! Just enter your email address

Delivered by FeedBurner

____________________


Active Users
Currently 0 user(s) logged on.

Powered by: SoapBlox