A bewildering list of things could go wrong. For local governments, Y2K computer failures could be disastrous. The new accounting rule requires that governments provide detailed descriptions of what officials are doing to solve Y2K problems and how much they are spending. They will try to downplay it. Many local governments have done little to meet with the Y2K challenge.
Public officials see the problem as just another reason to buy a new computer.
Copying old data into new systems can cause compatibility problems and errors as the Y2K problem exists in both computer hardware and software. Solving Y2K problems requires an extensive review of computer systems, software and data. This review often takes more than a year in large organizations. Y2K experts say organizations that have not started making repairs can expect problems. The federal Securities and Exchange Commission has implemented similar regulations for publicly traded companies.