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?

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

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


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