Enhanced Financial Reporting for Unfunded Obligations in the US Economy

Elisha Adeboye, Gbemisola Labisi and Victor Ekere
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Elisha Adeboye: Computer Science and Quantitative Methods, Austin Peay State University
Gbemisola Labisi: Accounting, Morgan State University
Victor Ekere: Applied Geophysics, University of Ibadan

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 5, 1637-1646

Abstract: This article looks at the critical need for better financial reporting on unfunded obligations in the federal government of the United States’ budgeting and accounting processes. A more comprehensive view is offered by financial records like the yearly Financial Report of the United States Government (FRUSG) published by the U.S. Treasury, which includes incurred debts and undeclared promises. Actions to alleviate the long-term financial discrepancy can be prompted by including these estimates into the regular budget decision-making procedures. The paper highlights the need of openness in future spending by examining particular cases of undisclosed liabilities and contrasting federal cash-based bookkeeping with accrual accounting methods used by public companies. Therefore, the article proposes an improved reporting framework that promotes responsible financial management, urging decision-makers to make informed decisions about the nation’s financial health by carefully examining crucial components and consulting experts on government accounting principles.

Date: 2024
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