CT Mirror: Malloy struggling to keep some portion of GAAP pledge

Posted on April 27, 2012. Filed under: Uncategorized |

It doesn’t seem that long ago that we were applauding Governor Dannel Malloy for signing an executive order implementing Generally Accepted Accounting Principles.

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

Now, The Connecticut Mirror reports that Malloy is “struggling” to keep his GAAP plan alive due to the hefty costs associated with the transition and implementation.

While the budget did pledge a certain amount of surplus money would go toward stopping the “GAAP differential from growing worse due to inflation,” The Connecticut Mirror reported, getting to that surplus is proving difficult in the face of a looming deficit.

What do you think, team – will we eventually see GAAP in this state, or is it simply too costly to implement on the heels of a recession?


Make a Comment

Leave a Reply

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

WordPress.com Logo

You are commenting using your WordPress.com 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

One Response to “CT Mirror: Malloy struggling to keep some portion of GAAP pledge”

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

What surplus? Many questions left unanswered regarding the original budget and related assumptions.

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?

    • 6,734 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: