Crossposted from the DES Express

Congratulations to Ken Guy, Director of the Finance and Business Operations Division (FBOD), and his staff for contributing to a published article by the Government Finance Officers Association. “Rethinking Financial Reporting” takes a hard look at traditional financial reports and their value.

“Ken has been a leader nationwide and actively engaged with regulators at all levels encouraging a break from the traditional mindset that more financial disclosure is always better,” said Eben Sutton, Chief Accountant in FBOD. “Ken has been advancing the notion that preparing financial statement disclosure costs money, and that money could be used to provide additional services to our residents now. From this perspective, there is a tradeoff between services now and more disclosure in financial reports that might reduce borrowing costs later.” Read more.