Title

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

Document Type

Article

Publication Date

4-1-2017

Publication Title

Research in Accounting Regulation

Keywords

Government accounting, Municipal securities, SEC, Tower amendment, Dodd–Frank

Disciplines

Accounting | Business

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.

DOI

10.1016/j.racreg.2017.04.003

Version

Postprint

Creative Commons License

Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.

Volume

29

Issue

1

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