Governments exploit GAAP fund accounting loopholes – Accounting Today

Because of inherent shortcomings, the government GAAP as used by New York City and Illinois to calculate their budgets has resulted in continued financial instability and shoddy budgeting practices, which are reinforced by GAAP.
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The Paraclete
4 years ago

So does this basically mean fraud is OK. I’m shocked.

willowglen
4 years ago
Reply to  The Paraclete

It is not ok when it is Enron or Worldcomm (and it shouldn’t be). But it is ok with many government entities.

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