Americaâ€™s Dangerously Opaque Public Accounting Systems
AbstractThe current global economic crisis has highlighted the problems that result from governmentsâ€™ archaic and erroneous accounting practices. The Financial Report of the United States Government is scrutinised with the same pedantry that an auditor or long-term investor uses when studying the financial statements of a listed company. What emerges is an all too clear picture of the extent and the root of Americaâ€™s economic crisis. USA Inc. is found to have a net worth of minus $44 trillion, a symptom of unfunded liabilities that have grown as entitlement expenditure has rocketed. As well as changes in policy, it is the external auditing of government accounts that is suggested as a potential panacea for this global epidemic.
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Bibliographic InfoArticle provided by World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE in its journal World Economics Journal.
Volume (Year): 13 (2012)
Issue (Month): 1 (January)
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