AMERICAN BANKRUPTCY FILING FOR CHAPTER ELEVEN IN RESPONSE TO CHAPTER 15 OF INTERNATIONAL BANKRUPTCY FILINGS .... RAISING DEBT CEILING 79 TIMES WITH NO PLAN OF QUASI ORANIZATION PLAN, OR CREDITORS COMMITTEE. RISKING OUR $167 TRILLION IN COLLATERAL (P;ER THE DEBT CLOCK WWW.USDEBTCLOCK.ORG) FOR DISOLUTION FILINGS FROM OUR EXPORTERS, ASKING TO DEDOLLAIZE TRADE.
COMMITTEE TO INVESTIGATE A BALANCED FEDERAL BUDGET Hon. Richard Nlchord Chairman Carl Noilier, Ph. D. General Counsel Room 3335, H.O.B. Annex No. 2 U.S. House of Representatives Washington, D C. 205~5 (202) 225.5455 MEMO #I January 23, 1976, what is the cumulative fiscal deficit? You may have thought it was $486,2 billion through fiscal year 1974, but Arthur Andersen & Company estimates it to have been $811,7
billion. The impact for certain individual years Swags also Swings, Take FY 11974. The reported deficit was $3.5 billion; Andersen’s estimate is $95, billion. The difference results from the accounting firms use of the accrual method in preparing its statement, The government uses a cash basis. The distinction between these two accounting concepts is simple: accrual accounting considers a transaction to have occurred at the time that revenue is earned, or the Stability is incurred, regardless of when the actual% transfers of cash basis, the consequences of using accrual. Accounting is profound. With it, one can
know one’s total liabilities and hence exercise oversight or control of spending. Under present methods, this tells me in1956 the Budget Reform Acts IRF6 changed this,
Interestingly, it has been the law since 1956 that --. The federal government employ accrual accounting.
ACCRUAL ACCOUNTING GAAP IS IN LAW FOR USA SINCE 1956, BUT ....This still. has not been implemented. Cooking the books is standard operating procedures for an insolvent and bankrupt Federal, State and Local governments, funded by the stock market, bond market and the Federal Reserve Bank. Defaulltng on its debt limit 79 times and leaving the Great American Enterprise to the incompetent leadership by a Bureaucrat Bidne, Autocrat Trump and a Congress and Supreme Court of Monatchs, with 50 colonies that all are insolvent when gonverting to accrual accouting and GAAP.
