Recently, an alarming and significant change to federal government accounting standards was quietly approved . As Matt Taibbi succinctly puts it, “The new guidance, “SFFAS 56 – CLASSIFIED ACTIVITIES” permits government agencies to “modify” public financial statements and move expenditures from one line item to another. It also expressly allows federal agencies to refrain from telling taxpayers if and when public financial statements have been altered.”
That’s right, any remaining semblance of government accountability is out the window, and it’s all completely legal, beyond oversight. While perhaps not surprising given the lawless, unconstitutional nature of our current US government, it certainly is blatant and egregious, and makes me shudder to think of how this will be used and abused (legally, of course). #BuyBitcoin
FASAB Statement 56: Understanding New Government Financial Accounting Loopholes