GFOA has long advocated for state and local governments to prepare their financial statements in accordance with generally accepted accounting principles (GAAP). While GAAP-compliant financial statements present useful information to the reader, they do not on their own provide a comprehensive financial picture of the government. The Governmental Accounting Standards Board (GASB), the GAAP standard-setting body for governments, encourages governments to also prepare annual comprehensive financial reports (ACFR).
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Date:
Thursday, October 28, 2021