The largest professional association of accountants in the United States, the American Institute of CPAs (AICPA) is expressing its support for the Fiscal State of the Nation Act, introduced by Representatives Andy Barr (R-KY) and Scott Peters (D-CA).
The AICPA says this bipartisan legislation would promote greater fiscal transparency and require the Comptroller General of the United States to make an annual presentation before a joint hearing of the House and Senate Budget Committees to help key policymakers focus on some of the most important aspects of the consolidated financial statements, including financial and sustainability measures.
The AICPA has long supported measures to increase transparency of our nation’s fiscal health and is expressing its strong support for this legislation. A survey conducted by The Harris Poll on behalf of the AICPA reveals that 81% of Americans agree they would support an annual report to Congress provided by the U.S. Comptroller on the audited financial statements of the nation, with 38% indicating they strongly agree.
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The survey also revealed that 89% of registered voters agree that elected officials should have a full understanding of the long-term financial obligations of the federal government (e.g., Social Security, Medicare). Meanwhile, 84% of Americans indicate they are concerned about the national debt affecting future generation’s economic opportunities, with 43% indicating they are “very concerned.”
“Our nation’s fiscal health is essential to sustaining long-term economic strength and national stability. The Fiscal State of the Nation Act represents a critical step towards greater transparency, providing a deeper understanding of the long-term economic impact of current and future policies,” said Mark Koziel, President and CEO of the American Institute of CPAs. “As shown by the survey results, a significant majority of Americans are concerned with the nation’s fiscal health affecting future generations and would support this transparency measure. By requiring an annual report on the federal government’s consolidated financial statements to Congress, this legislation ensures that policymakers have the information needed to make sound decisions for our country’s future. We appreciate the leadership of Representatives Barr and Peters on this critical issue and we strongly urge Congress to move this bipartisan measure forward.”
The AICPA has applauded actions taken by the federal government to institute improvements in federal financial management and reporting over the years. The group believes that the consolidated federal financial statements and the Government Accountability Office (GAO)’s audit report provide valuable information on the financial condition of the federal government and it is important that the GAO have the ability to render an opinion on the federal consolidated financial statements.
The AICPA remains committed to promoting strong fiscal stewardship and ensuring that lawmakers have access to clear, reliable financial information. By advancing policies that strengthen transparency and education, we help support a more informed budget process and a more secure fiscal future for our nation.
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