H.R.3958 - Truth in Accounting Act of 2007

To amend title 31, United States Code, to require certain additional calculations to be included in the annual financial statement submitted under section 331(e) of that title, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To amend title 31, United States Code, to require certain additional calculations to be included in the annual financial statement submitted under section 331(e) of that title, and for other purposes. as introduced.
  • Short: Truth in Accounting Act of 2007 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
10/24/07
 
 
 
 
 
 
 

Official Summary

Truth in Accounting Act of 2007 - Requires the Secretary of the Treasury to include in the audited financial statement of executive branch accounts of the previous year a calculation of the net present value of the overall fiscal exposures of the U.S. government. Requires such financial sta

Official Summary

Truth in Accounting Act of 2007 - Requires the Secretary of the Treasury to include in the audited financial statement of executive branch accounts of the previous year a calculation of the net present value of the overall fiscal exposures of the U.S. government. Requires such financial statement to include a program-by-program calculation of:
(1) the generational imbalance;
(2) the fiscal imbalance; and
(3) the total amount of the fiscal imbalance plus the public debt. Instructs the President, in preparing the federal budget, to take this financial statement into consideration, including the effect of the overall budget upon:
(1) the generational imbalance calculation and the fiscal imbalance calculation; and
(2) the net present value of the overall fiscal exposures of the federal government. Directs the Secretary to testify each year before Congress on the financial statement for the preceding fiscal year. Directs the Comptroller General to:
(1) assess the financial condition of the U.S. government in an annual report to Congress; and
(2) testify before Congress on that condition, upon request.

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