Truth in Accounting, a government watchdog group, is objecting to a proposed overhaul by the Governmental Accounting Standards Board (GASB) in the financial reporting model for state and local governments and voiced its displeasure at a GASB hearing. GASB issued a Preliminary Views on Project No. 3-25 (PDF) last September with the goal of improving some important components of its financial reporting model. The project could potentially shape the future of government accounting standards. The group contends, though, that the proposed changes would be incomplete and misleading because they wouldn’t include a state’s largest expense on the balance sheet: compensation costs for pension and other retirement benefits. Read more at Accounting Today.