Truth in Accounting

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Lessons in governmental accounting from New Zealand Dec 11, 2023

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This is a recording of Truth in Accounting's webinar on the lessons in governmental accounting from New Zealand with Professor Ian Ball of Victoria University in New Zealand, CEO and Founder of TIA, Sheila Weinberg and Bill Bergman, former Director of Research at TIA. This special Ask the Experts webinar is part of Truth in Accounting’s effort to reform governmental accounting standards in the United States. Currently, the 50 states are required by law to balance their budgets. But because governments use cash-based accounting, budgets that appear balanced are anything but balanced. With cash-based accounting, financial reports show expenses only when money is paid, not when debt or future expenses are incurred. This presents a flawed and inaccurate picture of governments’ financial condition. Full accrual calculations and techniques (FACT) accounting provides a more holistic view of government finances. https://www.truthinaccounting.org/resources/page/fact-based-accounting _________________ Subscribe to Truth in Accounting here: https://bit.ly/2uygGER Follow Truth in Accounting: Facebook: https://facebook.com/truthinaccounting X: https://twitter.com/truthinacct Instagram: https://instagram.com/truthinacct LinkedIn: https://www.linkedin.com/company/truth-in-accounting ------------ Ian Ball is a Professor of Public Financial Management and the first Professor in Practice at Victoria University of Wellington. During his career, Ian has been an academic, a senior public servant, an accounting standard setter, an international consultant on public financial management, and chief executive of an international organization. Other roles Ian currently holds include: Chairman Emeritus of CIPFA International, Chair of the Audit Committee for the financial statements of the New Zealand Government, Principal of Public Sector Performance (NZ) Ltd, advisor on government accounting matters to Japonica Partners and member of the Advisory Group for the Korea Institute of Public Finance. Ian was Chief Executive Officer of the International Federation of Accountants (IFAC) (2002-2013). Earlier, as Chairman of the IFAC Public Sector Committee (now the International Public Sector Accounting Standards Board), he initiated and led the development of International Public Sector Accounting Standards. While with the New Zealand Treasury (1987-1994) Ian was responsible (as Director of Financial Management Policy and Central Financial Controller) for the design of the New Zealand Government’s financial management system and the development of the Public Finance Act 1989. Sheila Weinberg is the founder and CEO of Truth in Accounting. Since 2002 Ms. Weinberg has led Truth in Accounting's research initiatives. Because of her expertise in governmental budgeting and accounting, Ms. Weinberg has testified before the Federal Accounting Standards Advisory Board (FASAB), the Government Accounting Standards Board, and numerous state legislative hearings on matters of proper government accounting. Bill Bergman served as Truth in Accounting's Director of Research. He led question formation, idea development, and application of research initiatives. Bill teaches finance courses at Loyola University Chicago. He has over 30 years of financial market experience, including thirteen years as an economist and policy analyst at the Federal Reserve Bank of Chicago. Bill earned an M.B.A. and an M.A. in public policy from the University of Chicago in 1990.

Ethics Reform in Illinois: Does Your State Need it Too? Nov 16, 2023

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Trust in government is at an all-time low. How do we change this? This conversation is between Sheila Weinberg, CEO and Founder with guest expert Illinois Senator Heather Steans.

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Why Deficits Matter Nov 16, 2023

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The actual national debt is over $160 trillion when including social security and medicare. The debt was quoted as $130 trillion at the time of this recording. Things have gotten worse, and the burden on taxpayers is growing daily. This is a conversation with Sheila Weinberg, CEO and Founder, with special guest Paul B. Kazarian, Founder, Chairman, and CEO at Japonica Partners, and Bill Bergman, Director of Research at Truth in Accounting.

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Strings Attached to Federal Aid to the States Nov 16, 2023

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It was a unique time in American history during the COVID-19 pandemic. This conversation delves into the federal government's response. Sheila Weinberg, founder and CEO, speaks with special guest Jonathan Bydlak, Director of Fiscal and Budget Policy Project at R Street, and Adam Schuster, Budget and Tax Research Director at Illinois Policy Institute

Analysis of the U.S Treasury Department's 2022 Financial Report Nov 02, 2023

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Truth in Accounting Board Member Chuck Chokel breaks down the most alarming findings in the 2022 Treasury Department's Annual Financial Report. Arguably this is the most critical report on the fiscal condition of our federal government and is the crucial document in holding the government accountable for its spending.

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U.S. Financial Stability: Accounting's Reign of Power Past, Present and Future Nov 02, 2023

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Sheila Weinberg (TIA), Marc Joffee (Cato Institute), and Professor Jacob Soll (USC) explore the connection between good accounting practices and our nation's financial stability. It is a compelling revelation of the misleading financial information given to citizens and a referendum on the need for community involvement to change the accounting standards to match those of the private sector. It is neither a left nor right issue, only an issue of transparency and accountability. Professor Jacob Soll said it best, "Let's just say we can argue about debt, but my god, we can't argue about managing debt badly."

Financial State of the States 2023: An Honest Conversation with Truth in Accounting Nov 01, 2023

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A robust discussion on Truth in Accounting's 2023 report on the Financial State of States with Sheila Weinberg, Founder of TIA, Utah State Auditor John Dougall, and Independence Institute President Jon Caldara. We untangle the numbers from politics and show how the accounting practice of leaving retirement liabilities off balance sheets adversely affects many states. What does this mean for the future?

Financial State of the State Report

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