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Understanding the US Government's Financial Statements and Fiscal Health Risks

This document explores the US government's financial statements, emphasizing their importance in assessing the country's fiscal health. It highlights the role of CPAs as trusted advisors to organizations, helping them navigate complex financial landscapes. Critical concerns are raised around the significant liabilities not reflected in government balances, such as $46.3 trillion in future obligations and a cumulative $14.8 trillion deficit. The implications of these financial figures on households and the overall economy are discussed, calling for greater public awareness and informed action.

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Understanding the US Government's Financial Statements and Fiscal Health Risks

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Presentation Transcript

  1. What's at Stake? The US 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 Today: US Government’s Financial Statements

  3. Budget

  4. Financial statement

  5. 2011 Financial Statements

  6. 2011 Financial Statements

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

  8. Reality of future obligations These future obligations equal: $46.3 trillion in additional deficit Plus $14.8 trillion cumulative deficit Total deficit: $61 trillion deficit $61 trillion is the equivalent of: Every household in America owing the full cost of two new homes and not getting to live in them

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

  10. Accumulated deficit In trillions 2009 2010 2011 2012

  11. What’s next

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

  13. Thank you

  14. What's at Stake? The US Government’s Financial Statements and the Country's Fiscal Health

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