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Private accounting firms do not follow these standards because they are not responsible for being accountable to the taxpayers.
Budgeting and Financial Reporting in the Government
The government cannot just act as it wishes when it comes to budgeting and financial reporting. For this reason, there is the Governmental Accounting Standards Board. It is important to budget in order for there to be accurate financial reporting of government operations. The relationship that government budgeting has to financial reporting is that is has the effect of keeping the budging above board and discouraging anything that is not considered above board. Knowing that the budget can and will be made available to the public makes those doing the budget accountable for their actions.
Kloby says there may be more incentive for budgeting accountability if the citizens were involved in the budgeting process from the very beginning instead of learning about the budget once financial...
This may or may not be a good idea because the citizens may not know everything involved in government budgeting and may make suggestions based on feeling instead of knowledge. It is best to leave the budgeting to the professionals and trust that they are abiding by the standards that have been set forth. If everything is done by the books, then the financial reporting should not be a problem and should be straight forward. If anything is out of place, it will be discovered during the financial reporting process.
Bibliography
Fickes, Michael. (2002). Weighing in on infrastructure valuation. American City & County, 117(8), 44-47.
Kloby, K. (2009). Less is more: Exploring citizen-based financial reporting in local government. Journal of Public Budgeting, Accounting & Financial Management, 21(3), 368-392.
McGee, R.W. (2004). The philosophy of taxation and public finance. Boston: Kluwer Academic Publishers.
Bibliography
Fickes, Michael. (2002). Weighing in on infrastructure valuation. American City & County, 117(8), 44-47.
Kloby, K. (2009). Less is more: Exploring citizen-based financial reporting in local government. Journal of Public Budgeting, Accounting & Financial Management, 21(3), 368-392.
McGee, R.W. (2004). The philosophy of taxation and public finance. Boston: Kluwer Academic Publishers.
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