Generally Accepted Accounting Principles and Federal Government Financial Reporting |
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| Authors: | R K Mautz |
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| Institution: | Vice chairman, Public Oversight Board, SEC Practice Session, American Institute of Certified Public Accountants, and professor emeritus, University of Illinois and University of Michigan. He is a past president of the American Accounting Association. |
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| Abstract: | This article considers the nature of generally accepted accounting principles and how well they match the purpose and activities of the federal government. A comparison of fundamental differences affecting accounting and reporting for private business and the federal government shows that although the generally accepted accounting principles do not work for the federal government, it does not follow that the federal government has nothing to gain from these principles. |
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