New development: Putting a 25-year experiment to the test

Abstract

This article explains the current state of accounting by the US federal government. Key hurdles for the US reporting model and financial management are discussed. An open data system, able to aggregate cost by programme, would greatly improve the usefulness of cost information and facilitate integration of cost with performance information.

Keywords:

• AICPA
• FASAB
• open data
• standard-setting
• US government