Highlights
Current Government Financial Reporting Leaves Taxpayers Dissatisfied
The federal government is again failing to meet the financial reporting needs of taxpayers, falling short of expectations and creating a problem with trust, according to survey findings released Wednesday by AGA.
The survey, Public Attitudes Toward Government Accountability and Transparency 2010, measured attitudes and opinions towards government financial management and accountability to taxpayers. AGA first polled Americans on the subject in 2008. The findings show an expectations gap between what taxpayers expect and what they get. The public overwhelmingly believes that government has the obligation to report and explain how it generates and spends its money, but that that it is failing to meet expectations in any area included in the survey. \Read more.
AGA's Eighth Annual National Leadership Conference
More than 700 AGA members and government finance professionals gathered in Washington, D.C. last week for two days devoted to leadership issues facing all levels of government. Read comments by the NLC's keynote speakers in AGA's blog.
Upcoming Audio Conferences
March 3—The War Against Fraud and Abuse: Are We Winning?
March 24: Suggested Guidelines for Voluntary Reporting—SEA Performance Information
April 21: The Latest Tools and Techniques for Auditors
May 19: Those Faint Signals: Learning to Catch Ethical Slippage Before It's Too Late
Entire 2010 Audio Conference Schedule
Call for 2010 National Academic Scholarships
Are you or a family member pursuing undergraduate or graduate studies in disciplines such as accounting, auditing, budgeting, economics, finance, information technology, public administration, etc.? If so, consider applying for an AGA National Academic Scholarship today. Each year, AGA National awards up to four $3,000 full-time merit scholarships to AGA members and their family members; one $1,000 part-time merit scholarships to AGA members and their family members; and one $3,000 community service scholarship. The deadline for receipt of applications is Wednesday, March 31, 2010. Download a copy of the application or contact Louise Kapelewski.
Committee Seeks National Award Nominations
AGAfs National Awards Committee is now accepting nominations for National Awards that recognize the leaders advancing our profession and setting the standards of excellence. These awards will be presented during AGA's 59th Annual Professional Development Conference and Exposition in Orlando, July 11|14, 2010. In many cases, individuals do not have to be members of AGA to be eligible. All nominations are due by Friday, April 16, 2010. Nomination forms are available online. For more information, contact Louise Kapelewski.
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February 22, 2010 • News from the Profession
AGA Today is Brought to You by AGA Corporate Partner Clifton Gunderson
 Clifton Gunderson's offices in Washington, D.C., Baltimore, MD, and Arlington, VA, are seeking experienced professionals to join our public sector practice. Ideal candidates will have 3 yrs of Public Accounting or equivalent audit experience along with a BA/BS in Accounting/IT/IS, CPA, CGFM, CISA and/or CISSP. Duties will include audits of Federal entities, State & Local audits (GASB), A-133 audits, and compliance auditing. To apply please e-mail Bill.Oliver@cliftoncpa.com.
Federal News
Focus Shifts from First Stimulus to Second
With the economic stimulus measure now a year old, the two parties continue sparring over the first bill's effectiveness even as they plot strategy for a second package coming through the legislative pipeline. "President Obama defended his year-old economic stimulus package on Wednesday, as Republicans and Democrats took to the Internet and the airwaves to wage a furious partisan battle over whether the bill was a monumental waste of taxpayer money or had rescued the economy from catastrophe," the New York Times reports. The Washington Post says, "The giant economic stimulus package enacted a year ago has helped stabilize the economy but has not made much of a dent in the nation's vast unemployment." The Associated Press gives a similar summary: "The jobless got a hand. Taxpayers got tax breaks. And a sinking economy stabilized. But the public's response to President Barack Obama's recession-fighting policies has been increasingly dreary. And the reason is simple: six months of unemployment above 9.6 percent." \Ben Pershing, The Washington Post. Read more.
Homeland Security Reports Losing Guns
The nation's Homeland Security officers lost nearly 200 guns in bowling alleys, public restrooms, unlocked cars and other unsecured areas, with some ending up in the hands of felons. The problem, outlined in a new federal report, has prompted disciplinary actions and extra training. Most of the misplaced weapons\including handguns, shotguns and military rifles\were never found. "Most losses occurred because officers did not properly secure firearms," says the Homeland Security inspector general report. At least 15 of the guns ended up in the hands of gang members, criminals, drug users and teenagers, inspector general Richard Skinner found. His report documented 289 missing firearms from fiscal year 2006 through 2008, although not all were lost because of negligence. Some were lost in the aftermath of Hurricane Katrina and others were stolen from safes. \Thomas Frank, Federal Times. Read more.
AGA Today is Brought to You by AGA Corporate Partner Management Concepts
Do you need to develop a workforce that meets your program's goals and priorities? If so, join Management Concepts for a free webinar that demonstrates a proven approach and the right tools for workforce planning.
Register Today!
February 25, 2010
11am – 12pm EST
State and Local News
States Renege on Local Aid
In December, Stephen Laker found himself in an agonizing position. As public health administrator for the Vermilion County Health Department in Illinois, Laker was six days into a $9,500-a-day payroll cycle but he had only $7,000 in the bank. Under a grant arrangement with the state of Illinois, the public health agency was committed to providing certain services for which it would be reimbursed by the state. But massive budget shortfalls forced the state to withhold the reimbursement. As of December 1, Illinois owed the Vermilion County agency almost $800,000. Lakerfs dilemma is familiar to cities, counties and school districts nationwide. State lawmakers are holding onto payments owed to municipal governments and using the money to balance state books. \David Harrison, Special to Stateline.org. Read more.
A Year After the 2009 Stimulus; Five Ways to Gauge Impact on States
After a year of operation, President Obama's Recovery Act for the economy has generated controversy but is also drawing bipartisan praise in places where the money has reached.nIs the massive $787 billion spending package stimulating the economy? Here are five points of reference that go beyond that headline number to gauge its Main Street impact. \Mark Trumbull, The Christian Science Monitor.
Read more.
New Report Reveals Massive Underfunding in State Retirement Systems
States are facing a funding shortfall of $1 trillion. Thatfs the gap at the end of fiscal year 2008 between the $2.35 trillion states had set aside to pay for employeesf retirement benefits and the $3.35 trillion price tag of those promises. Why does it matter? Because every dollar spent to reduce the unfunded retirement liability cannot be used for education, public safety and other needs. Ultimately, taxpayers could face higher taxes or cuts in essential public services. A new report from the Pew Center on the States, The Trillion Dollar Gap: Underfunded State Retirement Systems and the Road to Reform, shows why states must take strong action now\or taxpayers will suffer later. \Pew Center on the States. Read more.
Federal Accounting Corner
New Treasury Agency Symbols
The Common Governmentwide Accounting Classification (CGAC) structure document discussed using a longer Treasury Agency (Fund) Symbol, known as TAS or TAFS. In particular, the Agency Identifier component of the symbol at the beginning will be expanded from two to three digits. A preliminary crosswalk was finally released in October. \Simcha Kuritzky, CGFM, CPA. Read the entire column.
Private Sector News
Taxpayers Cheer IRS Move to Regulate Tax Preparers
Taxpayers overwhelmingly agree with the Internal Revenue Servicefs plans to require tax preparers to meet competency and ethical standards, according to a new report by the IRS Oversight Board. In the report, 78 percent of those surveyed indicate that it is gvery importanth that return preparers meet standards ofgethical behavior, while 73 percent believe it is very important that tax preparers meet competency standards. The numbers are in line with findings from a 2008 survey by the board. While the survey did not explicitly ask about the IRSfs current plans to require tax preparers to register, take continuing professional education courses and be tested, 55 percent of taxpayers said it would have a ggreat deal of influenceh on them if the preparer is subject to regulations or licensing by a government entity, either federal or state. Thatfs compared to 39 percent who said there would be a great deal of influence on them in choosing a preparer if the preparer is subject to regulation or licensing by an industry association. \WebCPA. Read more.
Accounting Standards News
 GASB Posts New Issue of Electronic User Newsletter to Website
The Governmental Accounting Standards Board (GASB) has posted a new issue of The User's Perspective to its website. Designed with financial statement users in mind, this electronic newsletter offers information that is beneficial to anyone interested in accounting in the governmental environment. The new issue looks at the note disclosures portion of financial statements, reporting on fiscal sustainability, the GASB's Core Values, and offers a 2010 events calendar.
AGA's FMSB Seeks Help on Reviewing FASB Pronouncements
GASB on Jan. 29 issued an exposure draft of a proposed Codification of Pre-Nov. 30, 1989 FASB Pronouncements. The objective of the project is to specifically identify provisions in FASB Statements and Interpretations, Accounting Principles Board Opinions, Accounting Research Bulletins of the AICPA Committee on Accounting Procedure, and AICPA Accounting Interpretations, issued on or before Nov. 30, 1989 (collectively termed the FASB Pronouncements) that do not conflict with or contradict GASB pronouncements and to incorporate those provisions into the GASBfs literature. These were referenced in paragraph 17 of GASB Statement No, 34, Basic Financial Statements\and Managementfs Discussion and Analysis\for State and Local Governments. The comment period is six months, but it is still going to be a monumental task to review the entire exposure draft. AGA's Financial Management Standards Board (FMSB) reviews and comments on all GASB proposed statements of standards, but may need additional volunteer help with this project. If you work in state and local government, have an interest in accounting standards and have some experience in responding to GASB on its proposed standards or to other accounting standard setters, please contact Anna Miller, FMSB staff liaison. You could learn how the FMSB works and help make a difference!
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Advertise in AGA's electronic newsletters—TOPICS and AGA Today! Get maximum exposure and build your brand. Find out what's available in an upcoming issue. Click here for all the information you need to run your ad. Or, you can contact April Pardoe.
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