A New Stock Exchange on the Horizon?

TXSE Group to Launch Texas Stock Exchange

"TXSE will ultimately create more competition around quote activity, liquidity and transparency, resulting in more consistent and reliable markets," TXSE CEO, Lee added.

How Debt Ate Chicago by Judge Glock
Chicago faces a dire police shortage.

A fight broke out late one Saturday night, or, more accurately, early Sunday morning, at a bar on Chicago’s South Side. Someone called the police just after 4:30 AM. But the police didn’t come. The fight soon moved outside; one man issued a threat, got into his car, and then plowed it into the crowd just before five o’clock. Three people were killed. Still no police. An officer wasn’t dispatched until more than an hour after the original call. According to the group Truth in Accounting, Chicago continues to live up to its moniker “Second City” in at least one respect: it has the second-worst debt load of any big city in America—about $43,000 per taxpayer, or almost $40 billion in total.

Capitalization of Expenses

Is the accounting practice of recognizing certain expenditures as assets on the balance sheet (net-worth) rather than immediately expensing them on the income statement (the revenue and expenses recorded in a specific period of time, ie, a month or a year). This practice is typically applied to expenses that provide benefits over multiple accounting periods rather than just the current period.
But what happens when this is done improperly?

Most people call it "cooking the books," and TIA was contacted by a Nevada follower who may have uncovered this practice where they live. Read all about it here. For all of our CPA's, you'll find it fascinating, and those who aren't will learn some interesting government accounting facts. The research was completed by two retired CPA's, so that they have that on their side!

If Government Can't Count, We Can't Count on the Government. Donate Today for a Better Tommorrow!

U.S. Government Accountability Office Announces

The Federal Accounting Standards Advisory Board will meet June 11 & 12 at 9:00 AM.

The Board is pleased to welcome virtual observers to its June meeting, the Zoom webinar link is available on the last page of the agenda. No pre-registration is required. Note that observers are in “listen only” mode and do not have access to any chat functions within the virtual meeting.

At the June meeting, the Board will discuss the following agenda topics:

Overview of the FY 2023 Financial Report of the U.S. Government
Additional staff research on responses to the Invitation to Comment, Reexamination of Existing Standards
Ballot drafts on the MD&A and OCA Statements
Comment letters and staff analysis/recommendations on the proposed Technical Bulletin on seized and forfeited digital assets
Relevant disclosures for the climate-related financial reporting framework

We encourage ALL stakeholders in the municipal bond industry to participate in this conference. Compliance with new reporting standards will ultimately affect you. This is your opportunity to be heard.

Register here https://xbrl.us/govfin24

(Reduced government rate is $97, 25% off regular Government attendee rate).

What role could artificial intelligence play in the implementation of the Financial Data Transparency Act (FDTA) for municipal bond issuers?

Christine Kuglin, director of the Truth in Accounting Project at the University of Denver is serving on the planning committee for this important conference which will be instrumental in the rules creation for the implementation and compliance with the Financial Data Transparency Act.

Speakers include:

Seth Goldstein, Associate Professor, Carnegie Mellon University
David Stringfellow, Deputy State Auditor, Chief Economist & Data Scientist, Office of the State Auditor, State of Utah
Miklos Vasarhelyi, KPMG Distinguished Professor of Accounting Information Systems and Director of Rutgers Accounting Research Center and Continuous Auditing & Reporting Lab, Rutgers Business School

You'll also hear speakers from Columbus, OH; DAC Bond; DPC Data; Eide Bailly LLP; FASB; GASB; GFOA; NASACT; Hawkins Delafield & Wood LLP; Nutshell Associates; PwC; SEC Office of Municipal Securities and Office of Structured Disclosure; the State of Utah; Virginia Housing Authority, and more.

Check out all of our upcoming events here.

Want to know where we've presented so far this year? Click here, even better, this one includes the actual presentation on understanding the Financial Data Transparency Act.

These educational presentations are possible because of our generous donors.

Thank you!

Unlocking Generosity

Transform Your IRA into Vital Donations

Discover a powerful way to support the Truth in Accounting mission while maximizing your tax benefits. Did you know that a qualified charitable distribution from your IRA’s annual required minimum distribution can be structured to be tax-free? This means that the transferred amount is not taxable as long as it’s paid directly from the IRA to the charitable organization.

Help Us Grow the Mission to Educate Every Taxpayer

Support Our Internship Program with a Donation Today!

Real State GDP Per Capita in 2023

In 2023 the average state GDP per capita ranged from $214,285 in Washington. D.C., to a low of $30,105 in Mississippi, with a 50-state average of $64,760. The chart below leaves out D.C. because it is such an outlier. New York has the second highest per capita GDP while West Virginia has the second lowest. Since 2014, per capita GDP in the states has increased an average of 13 percent. Check out your state on Data-Z.org.

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