I understand that yet one more great fraud upon the Taxpayers is underway. I read the article "FASAB Statement 56: Understanding the new government financial accounting loopholesJonathan Lurie, Michele Ferri | January 14, 2019" "The Federal Accounting Standards Advisory Board (FASAB) has released Statement of Federal Financing Accounting Standards 56 (Standard 56); taking government accounting practices from laxly enforced reporting standards to a new benchmark entirely–expressly approved obfuscation of reporting and, in some cases, outright concealing financials. … FASAB has determined that national security concerns essentially trump the need for financial transparency to the public. So how does Standard 56 do this?” Go to the link below for Solari Report (Excerpt below) : December 29, 2018 --- Accounting & Accountability is the whole enchilada. Therefore this is disturbing news to say the least. I went on to read how dangerous this really is to Accounting Standards and Transparency. I found the online comment by Trish House summed this all up well when she wrote "Meanwhile for the last two decades the Pentagon has been "losing" off it's books around a trillion of our money a year! Somehow the IRS can keep track of every penny of our income in what they call our "voluntary" tax system, and Congress, which is responsible for funding these agencies, does nothing to defend us from this predatory and parasitic behavior by our employees. Make America FREE Again and refuse to fund these crooks - as our forefathers did who wrote the Constitution" I am sure that I cannot say it any clearer than Trish does. So here is an Idea. How about the City of Chico stand's up for We The Taxpayers, the good people of Chico those who work hard and who have their annual tax returns scrutinized penny-by-penny by the same Fed receiving a FREE PASS. *** IDEA! How about the City of Chico stand's up for us locally and fight this criminal double-standard of accounting corruption and make the Fed Gov financially accountable to the People of Chico! For deeper FASAB 56 details see;
The Solari Report | https://constitution.solari.com/fasab-statement-56-understanding-new-government-financial-accounting-loopholes/ Solari Report Excerpt of the Introduction only - FULL REPORT is at the link above:
December 29, 2018 | Introduction:
Financial accountability for the government is a cornerstone of a functioning representative democracy. The ability for the people to know where taxpayer money goes to it is crucial to having an informed opinion regarding the actions of your representatives and to react accordingly. Unfortunately, as we’ve discussed in previous articles, the current state of government accounting is far from ideal–often bordering on useless to the public. This is largely due to lax enforcement of existing laws such as the Chief Financial Officers (CFO) Act, but also stems from the very real tension between completely transparent government financial disclosure and national security interests (see The U.S. Statutes Creating Modern Constitutional Financial Management and Reporting Requirements and the Government’s Failure to Follow Them, available at https://constitution.solari.com/the-u-s-statutes-creating-modern-constitutional-financial-management-and-reporting-requirements-and-the-governments-failure-to-follow-them As of the last few months, this tension has taken the future of government financial disclosure to the public to new levels of opacity. The Federal Accounting Standards Advisory Board (FASAB) has released Statement of Federal Financial Accounting Standards 56 (Standard 56), taking government accounting practices from laxly enforced reporting standards to a new benchmark entirely–expressly approved obfuscation of reporting and, in some cases, outright concealing financials.This sounds fairly alarmist at first blush but, simply put, Standard 56 creates a set of situations where government entities may move numbers around to conceal where money is actually spent or even not report spending outright. Many of the concepts in Standard 56 are not new and have been discussed in FASAB reports for nearly a decade. However, these new changes make a substantial portion of government financial reporting so unreliable as to not be a useful tool to the public **see FASAB Statement of Federal Financial Accounting Standards 56, available at http://files.fasab.gov/pdffiles/handbook_sffas_56.pdfIn order to fully understand Standard 56, we will be taking a fairly deep dive on the new accounting standards it creates—from the history leading up to the new rules, to summarizing the exact changes of Standard 56. We’ve said that Standard 56 isn’t new, and this is true; it has hundreds and hundreds of pages of memorandums and the like which came before it, outlining the exact parameters of these new reporting rules. For that reason, a complete summary of what a government entity must report will not be possible–or likely even useful–in an article of this length. That being said, we will explore the role of FASAB itself, the functional changes of Standard 56, and how it will impact the ability of the U.S. taxpayer to see how their money is spent."
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