The Statement and Account Clause, the Obamacare Litigation and the FASAB’s Unconstitutional Reporting Entity Proposal

One Response to The Statement and Account Clause, the Obamacare Litigation and the FASAB’s Unconstitutional Reporting Entity Proposal

  1. Paul Kushel says:

    This is an enlightening essay and a problem that Mr. Marren elequently expresses. The conference at Fordham took place in January of 2012. Here we are a year and one-half later making legislative decsions and judical judgements with faulty information. As I tell my students at Fordhams’s Graduate School of Business, there are generally accepted accounting principles (GAAP) and there is another insidious system called (CRAP).
    CRAP stands for Creative Reporting Accounting Principles. There is a fine line between agressive/creative behavior and outright fraud. If the government has held corporations to the standards set out in Sarbanes/ Oxley, (to protect shareholders and investors)then it is hypocritical not to hold themselves to an equal if not higher standards of accountability. After all – they are spending the people’s money.
    Professor Paul Kushel – Associate Professor of Accounting & Taxation

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