Wisconsin Proposing Legislation to Require GAAP

Wisconsin GAAP

Legislators are proposing amendment to require the state to follow generally accepted accounting principles.

Wisconsin state senator and CPA Howard Marklein is backing a bill to amend the state’s constitution to stop the government from continuing to account for its finances on a cash basis. The new system would allow the state to start budgeting and making financial decisions in ways similar to most businesses.

If passed, the measure would force the state to begin carrying out generally accepted accounting principles, or GAAP. Current practices have led to "all sorts of creative accounting and robbing of funds,” claims Marklein. "I think politicians in the past have been afraid to adopt it because it would have forced them to make tough choices.”

In order for this bill to be passed into law in Wisconsin, it must be approved by two consecutive legislatures and then by a statewide vote.

Source: Telegraph Herald

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