The American Institute of CPAs (AICPA) has announced its support for the Fiscal State of the Nation Act, a bipartisan bill introduced in the US House of Representatives.
The proposed legislation would require the Comptroller General of the US to deliver an annual presentation to a joint hearing of the House and Senate Budget Committees.
The briefing would enable the legislators to focus on key elements of the federal government’s consolidated financial statements, including “financial and sustainability measures”.
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The AICPA said that the act will boost federal transparency, and it expressed “strong support for this legislation”.
The member association representing the certified public accountant profession said it has consistently backed efforts to increase visibility into the federal government’s fiscal position.
It highlighted that a survey conducted by the Harris Poll on behalf of the AICPA found that 81% of Americans agree they would support an annual report to Congress from the US Comptroller on the nation’s audited financial statements.
The poll also indicated that 89% of registered voters think elected officials should fully understand the federal government’s long-term financial obligations such as Social Security and Medicare.
The survey showed that 84% of Americans are worried that the national debt will affect economic opportunities for future generations, with 43% reporting they are “very concerned”.
AICPA president and CEO Mark Koziel said: “Our nation’s fiscal health is essential to sustaining long-term economic strength and national stability. The Fiscal State of the Nation Act represents a critical step towards greater transparency, providing a deeper understanding of the long-term economic impact of current and future policies.
“As shown by the survey results, a significant majority of Americans are concerned with the nation’s fiscal health affecting future generations and would support this transparency measure.
“By requiring an annual report on the federal government’s consolidated financial statements to Congress, this legislation ensures that policymakers have the information needed to make sound decisions for our country’s future.”
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