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Understanding the U.S. Government's Financial Health: CPAs' Role in Transparency and Accountability

This article explores the critical role of Certified Public Accountants (CPAs) as trusted advisors to improve financial transparency and management within the U.S. government. It delves into the complexities of federal financial statements, the realities of the national deficit, and the obligations not recorded on the balance sheet, including Social Security and Medicare liabilities. Highlighting data from the 2012 financial statements, it reveals the cumulative deficit's implications for future fiscal health and emphasizes the need for informed public discourse on government budgeting strategies.

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Understanding the U.S. Government's Financial Health: CPAs' Role in Transparency and Accountability

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Presentation Transcript

  1. What's at Stake? The U.S. Government’s Financial Statements and the Country's Fiscal Health

  2. The role of CPAs Serve as trusted advisors to a variety of organizations Help businesses and individuals achieve strong financial standing Protect the public interest Explain complex financial issues

  3. Today Overview of the federal budget Insights into the federal financial statements Nation’s deficit reality

  4. Federal budget

  5. Federal financial statements

  6. 2012 financial statements

  7. 2012 financial statements

  8. U.S. financial statements differ from other organizations Most financial statements show obligations or liabilities on balance sheet U.S. government’s financial statements do not include Social Security and Medicare • Footnote disclosures • Not reflected as liabilities

  9. Reality of future obligations These future obligations equal: Additional social insurance deficit $52 trillion Cumulative deficit 16 trillion Total deficit $68 trillion

  10. Key data in publicly traded company’s financial statements

  11. Accumulated deficit $16.1 $14.8 $13.5 $11.5 In trillions 2009 2010 2011 2012

  12. What’s next

  13. (Optional) (Add information about what you, your firm and/or your state society is doing in this area)

  14. Thank you

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