Interesting alarming report from the US GAO issued in January 2016 to Members of Congress on the need in the capital markets and more specifically -- public companies – to disclose in their reports and to the US SEC material risks related climate change so investors and the public can make better financial decisions
The need for federal government spending transparency grows as documented by a recent report from the GAO that states the US Government does not know where $144 billion was spent: “Dodaro (GAO) expressed concern about the continued rise in improper payments, which exceeded $144 billion in fiscal year 2016
The GAO repor t predicts these costs will only grow in the future, potentially reaching a budget busting $35 billion a year by 2050
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According the US GAO more than $100 Billion is unaccountable on an annual basis by US Government agencies
Efforts are underway to deploy XBRL for Federal financial reporting since – according to the General Accounting Office (GAO) we don’t know where more than $144 billion is being spent by the Federal Government in 2016
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