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.


Make a Comment

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

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.  […]

Where's The Comment Form?

  • Numbers are a language. CPAs can translate.

    Welcome to the official legislative blog of the Connecticut Society of Certified Public Accountants.

    These are the thoughts of Connecticut's CPAs.

  • Who's reading?

    • 6,735 hits
  • Enter your email address to subscribe to this blog and receive notifications of new posts by email.

    Join 37 other followers

  • Like us on Facebook

  • Archives

Liked it here?
Why not try sites on the blogroll...

%d bloggers like this: