The Texas Legislature passed a law allowing Texas state and local governments to ignore Government Accounting Standards Board Statement (GASB) No. 45 Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions.
Backers of the new law claimed the GASB didn't understand Texas laws and predicted dire circumstances for the state if GASB 45 was implemented. GASB supporters claimed that Texas leaders were just trying to ignore reality and postpone the day of reckoning for future obligations.
However, it seems other states are also questioning the rules maker and claim that GASB is out of touch with reality. To see the latest in the ongoing controversy, check out the Financial Week "State Pols Doing a Number on Accounting Board."