Perfect sequence for introduction of Government's use of an "unrecognized" hybrid system of accounting which combines two, diametrically opposed systems of measurement - one as cash, the second as accrual - all without consequence. And, then there is actuarial accounting/financial reporting which relies upon the use of "discount rates". In combination, it is these violations which have led directly to our massively un and underfunded retirement liabilities in the public sector.
Perfect sequence for introduction of Government's use of an "unrecognized" hybrid system of accounting which combines two, diametrically opposed systems of measurement - one as cash, the second as accrual - all without consequence. And, then there is actuarial accounting/financial reporting which relies upon the use of "discount rates". In combination, it is these violations which have led directly to our massively un and underfunded retirement liabilities in the public sector.