Policymakers often focus solely on annual budgets, missing the broader, longer-term financial picture often revealed in comprehensive financial reports. The proposed legislation would require an annual, nonpartisan briefing to Congress on the nation’s financial position, based on audited federal financial statements and a report from the Government Accountability Office (GAO).
Fiscal State of the Union Act
Proposed legislation would increase transparency and oversight — a fuller financial picture shows how present decisions affect future generations.
An aspect of the nation’s fiscal health is the debit limit. A lesser known but equally important factor includes the audited accrual-basis financial statements of the nation, containing Social Security and Medicare.
Instead of focusing only on short-term budget numbers, the Fiscal State of the Union Act ensures lawmakers would get a big-picture view of the country’s long-term fiscal health, including audited accrual-basis financial statements.
The proposed legislation would require an annual, nonpartisan briefing to Congress on the nation’s financial position, based on audited federal financial statements and the Government Accountability Office’s (GAO) report. By spotlighting long-term trends like debt and obligations, the act would help Congress craft policies that are future-forward and not based on political cycles. Regular reporting builds confidence that government finances are being monitored and communicated clearly.
The AICPA Advocacy team promotes responsible fiscal policies and effective governance — collective contributors to economic stability and growth.
An aspect of the nation’s fiscal health is the debit limit. A lesser known but equally important factor includes the audited accrual-basis financial statements of the nation, containing Social Security and Medicare.
Instead of focusing only on short-term budget numbers, the Fiscal State of the Union Act ensures lawmakers would get a big-picture view of the country’s long-term fiscal health, including audited accrual-basis financial statements.
The proposed legislation would require an annual, nonpartisan briefing to Congress on the nation’s financial position, based on audited federal financial statements and the Government Accountability Office’s (GAO) report. By spotlighting long-term trends like debt and obligations, the act would help Congress craft policies that are future-forward and not based on political cycles. Regular reporting builds confidence that government finances are being monitored and communicated clearly.
The AICPA Advocacy team promotes responsible fiscal policies and effective governance — collective contributors to economic stability and growth.
Driving financial transparency with nonpartisan briefings
The Fiscal State of the Union Act is about making smarter decisions for the country’s financial future.
FAQs
Learn more about why the Fiscal State of the Union Act matters and how you can get involved.
Why was the Fiscal State of the Union Act proposed?
As an AICPA member should I support this legislation?
Supporting the Fiscal State of the Union Act demonstrates that CPAs and finance professionals recognize the importance of responsible fiscal policy.
How can I get involved?
There are grassroots campaigns that you can join. You can also contact your state representatives to voice your support.
Your support as a CPA and finance professional means you support fiscal responsibility and securing a healthier financial future for generations to come.
Your voice matters.
Grassroots efforts, no matter how small, spread the word about why the Fiscal State of the Union Act matters. Contacting your representative or senator with your opinions ensures your voice is heard and is one way to drive change.
Your voice matters.
Grassroots efforts, no matter how small, spread the word about why the Fiscal State of the Union Act matters. Contacting your representative or senator with your opinions ensures your voice is heard and is one way to drive change.
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