Avoiding GAAP will cost governments
During the last legislative session, a bill was passed allowing Texas state and local governments to prepare their financial statements ignoring GASB 45, the requirement to account for post-employment retirement benefits, such as health care. Such reporting makes the statements non-compliant with generally accepted accounting principles. TSCPA and others warned legislators that such action would likely have negative results for Texas local governments.
Check out this editorial in today's Austin American-Statesman, which reports higher interest rates for non-GAAP reporters.
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