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The role of federal regulation in state and local governments and the potential impact of new reforms: An assessment of the effectiveness of reporting, disclosure, and funding

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  • Foltin, Craig

Abstract

The state and local government accounting profession continues to contend with issues surrounding self-governance, funding for the profession's standard setting body, federal regulation and states' rights. Fiscal conditions, bankruptcies and struggling pension funds bring to question whether self-governance has been effective in the state and local government sector. Federal regulation has impacted the government accounting sector but to a much lesser extent than in the private sector. With new discussion by lawmakers in Washington regarding the appropriate levels of regulation, particularly surrounding the financial markets; more change could be on the horizon. This paper assesses the proper balance between self-governance and regulation in the government sector and how current considerations by policymakers could impact the profession.

Suggested Citation

  • Foltin, Craig, 2017. "The role of federal regulation in state and local governments and the potential impact of new reforms: An assessment of the effectiveness of reporting, disclosure, and funding," Research in Accounting Regulation, Elsevier, vol. 29(1), pages 19-29.
    • Handle: RePEc:eee:reacre:v:29:y:2017:i:1:p:19-29
    DOI: 10.1016/j.racreg.2017.04.003
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    References listed on IDEAS

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    1. Vakkur, Nicholas V. & McAfee, R. Preston & Kipperman, Fred, 2010. "The unintended effects of the Sarbanes–Oxley Act of 2002," Research in Accounting Regulation, Elsevier, vol. 22(1), pages 18-28.
    2. Franzen, Laurel & Li, Xu & Vargus, Mark E., 2013. "The effect of Sarbanes-Oxley on the timely disclosure of restricted stock trading," Research in Accounting Regulation, Elsevier, vol. 25(1), pages 47-52.
    3. Congressional Budget Office, 2013. "Federal Grants to State and Local Governments," Reports 43967, Congressional Budget Office.
    4. Congressional Budget Office, 2013. "Federal Grants to State and Local Governments," Reports 43967, Congressional Budget Office.
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    Cited by:

    1. Foltin, Craig, 2018. "An examination of state and local government pension underfunding – Implications and guidance for governance and regulation," Research in Accounting Regulation, Elsevier, vol. 30(2), pages 112-120.

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