AICPA pushes for congressional support of Fiscal State of the Nation Act

The AICPA expressed support Thursday for bipartisan legislation intended to promote greater national fiscal transparency and released survey data showing that a majority of Americans support such transparency.

In a news release, the AICPA urged that Congress support the Fiscal State of the Nation Act. The House legislation, reintroduced Tuesday by Reps. Andy Barr, R-Ky., and Scott Peters, D-Calif., would require the comptroller general of the United States to make an annual presentation before a joint hearing of the House and Senate budget committees. The goal is to help policymakers focus on aspects of consolidated financial statements, including financial and sustainability measures.

A survey conducted by The Harris Poll on behalf of the AICPA in December revealed that 81% of Americans would support an annual comptroller report to Congress on the audited financial statements of the nation, with 38% indicating they strongly agree.

The survey showed that 84% of Americans indicated concern about the national debt affecting future generations’ economic opportunities, including 43% saying they are very concerned. Also, 89% of registered voters agree that elected officials should have a full understanding of the federal government’s long-term financial obligations, such as Social Security and Medicare.

“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,” Mark Koziel, CPA, CGMA, president and CEO of the AICPA, said in the release. “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 said it has supported actions by the federal government over the years to institute improvements in federal financial management and reporting. The AICPA “believes that the consolidated federal financial statements and the Government Accountability Office’s audit report provide valuable information on the financial condition of the federal government,” the release said.

The survey polled 2,079 U.S. adults, including 1,774 registered voters.

— To comment on this article or to suggest an idea for another article, contact Neil Amato at Neil.Amato@aicpa-cima.com.