Return to Article: Financial management reform bill on the way
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7896
Wow, Rep. Platts' constituents must be thrilled to have such a dynamic man representing them. His big goal is...to compile a bunch of boring laws requiring boring reports...into one boring law requiring boring reports.
Seriously, Oliver Platt could do a better job.
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7861
"The congressman said he thinks of the federal budget like his checkbook, which he balances "to the penny" at the end of each month."
This exactly illustrates that Congress does not know what it is doing! A budget is a plan and will not be achieve 100%. However, cash management is like the Congressman's check book. Today, however, the GAO and Congress along with OMB have forced the agencies to report on an accrual basis of accounting that has no relationship to either the Congressman's check book or his budget! The military services had an extensive and good cash management system but that is now being neglected to establish a worthless accrual system of accounting that has no relationship with any process of government! The Congressman should get rid of the requirement to establish an accrual accounting system to save my tax money and provide information that is useful. Accrual information is to establish a reasonable estimate of profit in a given time period. However, government does not operate for profit and such matching is of no value to anyone but will lead to bad decisions and funding guidance. The government financial people and operating people do not even know what accrual accounting is or why they are doing it!
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