Our unaccountable federal government: It doesn't add up

With the national debt approaching $5 trillion, annual deficits exceeding $250 billion, and the interest alone of the debt now exceeding $200 billion each year, the need for a concise, independently audited report on the operation and financial condition of the US government, using meaningful accounting principles, has never been more obvious. The Federal Accounting Standards Advisory Board must work expeditiously to agree on a set of Generally Accepted Accounting Standards for federal government operations. Such principles will likely require the use of accrual-based accounting, including realistic treatment of all unrecorded and contingent liabilities. The federal government badly needs capital budgeting and accounting that more accurately matches the cost of capital outlays with the useful life of the asset purchased. A truth in government action plan is presented.