By Mark Skidmore
The purpose of this report is to offer a clear explanation of how two financial reporting exemptions has de facto created a hidden system of finance that runs parallel to the official financial system that facilitates and governs interactions between the federal government and the private sector. Below, I present a discussion of national security waivers that exempt some businesses from standard financial reporting requirements laid out by the Security and Exchange Commission (SEC). I also summarize the recent adoption of Federal Accounting Standards Board (FASAB) Standard 56, which gives those with high level national security clearances the authority to modify government financial statements. I then discuss the implications of these to reporting exemptions for both the federal government and the financial system.
Read the full article here.
Thank you for your clear discussion of FASAB 56 opacity. I shake my head at how brazenly they shred the Constitution.
I’m praying for a FRB-iki leak. They’d forget all about Assange.
Doc