GASB Research on the Use of Generally Accepted Accounting Principles

Loyd, D. Scot; Crawford, Michael A.
June 2008
Governmental GAAP Update Service;6/30/2008, Vol. 8 Issue 12, p1
Trade Publication
The article examines the use of generally accepted accounting principles (GAAP) for general purpose external financial reporting in state and local government, by the U.S. Governmental Accounting Standards Board. Seventy five percent of 50 states have laws that require governmental units to apply GAAP in their financial statements. About 13,594 counties, localities, and independent school districts follow GAAP. An undetermined number of governments are not applying GAAP.


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