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Kilgore

(1,819 posts)

28. It's called GAAP

Mon Aug 11, 2014, 07:44 PM

Aug 2014

And it stands for Generally Accepable Accounting Principles, and is the standard used in the private sector.

http://en.m.wikipedia.org/wiki/Generally_accepted_accounting_principles

A good example is the disclosure my former employer sends me yearly showing the health of the companies pension fund.

Government is not normally bound by GAAP and may or may not properly fund its pension plan. From this standpoint, congress forcing the PO to fully fund it's pension plan will benefit their retirees in the future assuming they can stand the pain now.

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US Postal Service loses $2B this spring [View all] DonViejo Aug 2014 OP

Nice purposefully-misleading headline from the AP, there. byronius Aug 2014 #1

+1 merrily Aug 2014 #2

The post office is not paying for employees not yet born Travis_0004 Aug 2014 #3

So what is the mandated payment for? SoapBox Aug 2014 #4

To fund already-promised benefits. Psephos Aug 2014 #12

pay-as-you-go goldent Aug 2014 #30

Agreed Travis_0004 Aug 2014 #34

Thanks. I'm curious about someting... JackRiddler Aug 2014 #32

Well, since you asked.... Psephos Aug 2014 #33

Committee on Oversight and Government Reform, House of Representatives FreeState Aug 2014 #7

It's 'losing'. louis-t Aug 2014 #10

so you know more than the GAO? Travis_0004 Aug 2014 #15

Someone is lying when they say 75 years of pre-funding. louis-t Aug 2014 #19

Actually, it says "in excess of 50 years" D Gary Grady Aug 2014 #24

And by the way.... louis-t Aug 2014 #11

Yes They are liberalmike27 Aug 2014 #41

Its not republican bullshit when it passed 410 to 20 Travis_0004 Aug 2014 #43

+1. nt bemildred Aug 2014 #8

That was a GOP poison pill bill meant to financially destroy the USPS Triana Aug 2014 #22

Then why..... Kilgore Aug 2014 #26

Why then is the USPS held to fiduciary standards no other organization is? LanternWaste Aug 2014 #27

It's called GAAP Kilgore Aug 2014 #28

It's called "Postal Accountability and Enhancement Act" Triana Aug 2014 #35

Pre-funding will secure future pensions Kilgore Aug 2014 #40

That it's a requirement no other govt or private entities Triana Aug 2014 #45

Lets agree to disagree Kilgore Aug 2014 #49

Do the GAAP liberalmike27 Aug 2014 #42

And passed the Senate on a unanimous voice vote madville Aug 2014 #48

Exactly. It should say "Post Office Robbed of $2 Billion." arcane1 Aug 2014 #52

I am preparing for a meeting on the 18th regarding our local PO tech3149 Aug 2014 #5

+1 SoapBox Aug 2014 #9

They helped write it, Kennedy, Waxman, Sanders, etc. madville Aug 2014 #47

I fully understand that this is a manufacture crises. Paolo123 Aug 2014 #14

South Korea has postal banking davidpdx Aug 2014 #16

Yes and Japan does as well. Paolo123 Aug 2014 #18

Well I'm for getting rid of junk mail for one reason davidpdx Aug 2014 #25

The so-called junk mail pays for the 1st class. former9thward Aug 2014 #29

I believe the post office also used to sell government bonds. I wish they would do LoisB Aug 2014 #31

An interesting idea davidpdx Aug 2014 #39

Small to medium sized businesses need the service. SoapBox Aug 2014 #20

I agree Paolo123 Aug 2014 #21

What about this? 'The USPS financial turnaround continues!' elleng Aug 2014 #6

Oh cool! More business opportunities for Mr. Dianne Feinstein! RufusTFirefly Aug 2014 #13

Post offices/post roads are specifically called out in Constitutional Powers. They should have 24601 Aug 2014 #17

Oh, look, I found it! silvershadow Aug 2014 #23

^This.^ blkmusclmachine Aug 2014 #37

I bet UPS and FedEx are salivating!!! blkmusclmachine Aug 2014 #36

Damn right. Congress is acting on their behalf. Read this... Triana Aug 2014 #38

The Brits have privatized their postal service Kilgore Aug 2014 #50

So what? The service the USPS provides is worth 10x the cost. Hugin Aug 2014 #44

Which service? Lonusca Aug 2014 #46

Not worth 10X to me in its present form Kilgore Aug 2014 #51

So, you have decided to try to get your monies worth out of the private option. Hugin Aug 2014 #53