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Oct 31, 2006

FASAB And Social Security

Ever heard of the FASAB? Those initials stand for the Federal Accounting Standards Advisory Board. So what could that have to do with Social Security? The Associated Press reports that the FASAB has issued a 150 page report proposing that federal government financial reports show future Social Security benefits as a current unfunded liability, basically to apply accrual accounting to Social Security. Interestingly, Bush Administration appointees to the FASAB have opposed the proposal.

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