Finance watchdog: Bill on Rauner’s desk could let local governments kick debt can – IL Watchdog

Senate Bill 2638 would allow local governments to file annual reports to the Illinois Comptroller based off cash accounting. Truth In Accounting Research Director Bill Bergman said that’s different from accrual accounting, the standard that all publicly traded U.S. companies are required to use. “Effectively it’s a way to kick the can down the road and accrual accounting, in theory, should help you recognize those expenses at the time they occurred, not when the cash goes out,” Bergman said.