As the US slips closer – again – to the threat of default, one of the ways policymakers talk about delaying the crisis is the use of “extraordinary accounting measures.”.
Now, that is not a term you hear in the private market and, I would think, if it were used there would be more than a few red flags brought up by investors and regulators.
So in today’s podcast we speak with Justin Marlowe, Research Professor in the University of Chicago Harris School of Public Policy. Dr. Marlowe studies government finance, has written or edited several textbooks on public financial management and served on technical advisory bodies for the Governmental Accounting Standards Board.
As you will hear, we quickly jump into why extraordinary accounting measures is not really a thing, how the federal and looming economic crisis will affect state and local government and also get into the weeds of how governments are adopting XBRL for financial reporting.