No GAAP transition for 2 years?

Posted on June 1, 2011. Filed under: Uncategorized |

Well, it looks like the transition to honest budgeting and GAAP might not be so quick after all!

Yesterday, the House of Representatives passed a budget policy bill (91-54) that includes everything from early release for prisoners, new DUI standards – and GAAP.

If this bill is passed by the Senate and signed as is by Gov. Malloy, the transition to GAAP and the $1.5 billion conversion cost will be put off until 2013-2014.

The bill also “broadens the Executive Branch’s authority to incur expenses after the fiscal year has begun while reducing the level of detail required in the governor’s annual budget presentation.”

Read more.

In other news, our thoughts are with the family and friends of lobbyist Clem Roy, who passed away yesterday. Roy was a longtime partner with Roy and LeRoy, our lobbyist firm.

Hartford Courant columnist Kevin Rennie wrote a touching tribute to a great man last weekend.

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2 Responses to “No GAAP transition for 2 years?”

RSS Feed for CPAs: Accounting for Connecticut's Future Comments RSS Feed

The governor and the democrats have demonstrated clearly where they stand. We don’t even have a baby step toward responsible financial management.
Just more of the same, and hope is not a strategy.

[…] Then, just five months later, we started to hear more about a slower-than-hoped-for transition.  […]


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