The role of federal regulation in state and local governments and the potential impact of new reforms: An assessment of the effectiveness of reporting, disclosure, and funding

Craig Foltin

Research in Accounting Regulation, 2017, vol. 29, issue 1, 19-29

Abstract: The state and local government accounting profession continues to contend with issues surrounding self-governance, funding for the profession's standard setting body, federal regulation and states' rights. Fiscal conditions, bankruptcies and struggling pension funds bring to question whether self-governance has been effective in the state and local government sector. Federal regulation has impacted the government accounting sector but to a much lesser extent than in the private sector. With new discussion by lawmakers in Washington regarding the appropriate levels of regulation, particularly surrounding the financial markets; more change could be on the horizon. This paper assesses the proper balance between self-governance and regulation in the government sector and how current considerations by policymakers could impact the profession.

Keywords: Government accounting; Municipal securities; SEC; Tower amendment; Dodd–Frank (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reacre:v:29:y:2017:i:1:p:19-29

DOI: 10.1016/j.racreg.2017.04.003

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