Under a new standard issued by the Federal Accounting Standards Advisory Board (FASAB), the federal government will soon be required to issue annual reports on its fiscal sustainability.

According to the Institute for Truth in Accounting, the federal government is currently under-reporting the national debt by as much as $60 trillion. No business would be allowed to misrepresent its liabilities this badly - why should our government? The newly required report should provide a reconciliation of the two figures. The report will also present required supplementary information that will detail income and expenses, deficits or surpluses, and Treasury debt held by the public as a share of gross domestic product (GDP).  More here.