The Importance of Modernizing Public Accounting
Did you know that the total equity in private assets in the world in 2015 reached an impressive US $ 250 trillion? It's hard to imagine such amounts without literally losing count. In order to avoid this from happening, it is of paramount importance to have a public accounting system capable of maintaining these amounts in an orderly and transparent manner. The average wealth for each adult on this planet is estimated to be about US $ 52,000, a figure that, as you can imagine, varies greatly, depending on the region, between US $ 4,500 and US $ 342,000 per capita, in the case of the richest on the planet. As a Certified Public Accountant , the first question that occurs to James Liggett CPA when looking at these figures is: how much is public assets? The reality is that there is still no answer to this question, since most countries have incomplete public accounting, which is still in the process of transition to equity accounting that reliably incorporates the current values...