The Federal Accounting Standards Advisory Board (FASAB) recently recommended that accrued liabilities for Social Security and Medicare be recognized on the federal balance sheet. The proposed standard was supported by the six private members of the Board, while the four public members (representing CBO, OMB, GAO, and Treasury) favored an alternative standard that stops short of balance sheet recognition.
David Walker, the Comptroller General of the United States, discussed the proposals. His talk was entitled "Accounting for Social Insurance Obligations: Perspectives on the FASAB Disclosure Draft."
