Abstract: | A number of proposals would apply Generally Accepted Accounting Principles (GAAP), as developed for reporting the financial performance of for-profits, to federal financial reporting and budget accounting. Critics of these proposals include R.K. Mautz, a distinguished professor of accountancy. This article summarizes some of Mautz's conceptual objections to the use of private GAAP by not-for-profits and indicates his preferred approach to improved financial reporting by government. |