The Shocking Truth of FASAB 56 And What It Seeks To Hide
The Shocking Truth of FASAB 56 And What It Seeks To Hide by The Sirius Report
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We have previously commented on FASAB 56, in podcasts and interviews, but felt it was time to put something in writing to highlight a very serious issue, which predictably has had virtually no coverage in the mainstream media and also very little in the alternative media too.
We would first direct people to look at the extensive work that Catherine Austin Fitts and Mark Skidmore have done in highlighting the missing minimum $21tn on the US balance sheet and how when questioned about this apparent oversight, the matter was conveniently buried. We would also draw your attention to the following link which details extensively the work undertaken with regards to FASAB 56.
We would however like to mention a few points in this article to highlight why we regard this as having major potential ramifications. FASAB sets the generally accepted accounting principles (GAAP) for the federal government and are used to determine the content and structure of the financial reports the federal government agencies and departments should adhere too. The adoption of Standard 56 (FASAB56), which came into force on October 4th, 2018, determined that national security concerns now override the need for public financial transparency.
What this means is that FASAB56 allows federal entities to manipulate data and even omit spending altogether when reporting on the grounds of national security. This as the aforementioned article states, raises the following questions:
Who counts as a federal reporting entity? When and how can these entities conceal or remove financial information from their reports? What information can be removed? When does something count as confidential, and who makes that determination?