Orange County Supervisor John Moorlach, an accountant, shared a similar view when we asked him about the new rules. "It's a good thing," Mr. Moorlach said, "but GASB should have done this 30 years ago because, by not requiring the reporting of liabilities, it allowed some to work in the shadows."
The lack of a reporting requirement allowed for the "pillaging and plundering of public employee pensions," Mr. Moorlach said. "GASB is finally stepping up to the plate but they are too little too late."
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