HomeMy Public PortalAboutr 96:172 96-172 Dale of Adl)plioJI June 20) 1996
OPPOSING GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
(GAAP) REPORTING CHANGE
WHEREAS, the Mayor and Council of the Borough of Carteret hereby opposes the
Generally Accepted Accounting Principles (GAAP) reporting change for
municipalities and counties; and
WHEREAS, the professionals that understand municipal and county finance support
our current reporting system known as Other Comprehensive Basis of Accounting;
and ·
WHEREAS, the philosophy behind New Jersey's reporting standards stems from
budgetary and accounting perspectives that are more conservative than the proposed
change; and
WHEREAS, the proposed reporting system, in order to meet a wide array of
government entity needs are based on assumptions that, when compared to New
Jersey's approach, represent a liberal accounting philosophy; and
NOW, THEREFORE, BE IT RESOLVED that the Mayor and Council of the
Borough of Carteret hereby joins the following organizations in opposition to this
conversion; The New Jersey State League of Municipalities, New Jersey Conference
of Mayors, New Jersey Mayors Association, New Jersey Managers Association,
Registered Municipal Accountants Association, County Treasurers Association, Tax
Collector and Treasurers Association of New Jersey and Government Finance
Officers Association of New Jersey.
BE IT FURTHER RESOLVED that the Mayor and Council of the Borough of
Carteret believes this change will create a dual reporting system which will create
considerable confusion among the general public, and will promote a lack of
confidence in government officials for not having a well defined, clear standard of
reporting.
Adopted this 20th day of June, 1996
and certified as a true copy of the
original on June 21, 1996.
KATHLEEN M. BARNEY,
Municipal Clerk