What is GAAP?

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GAAP stands for Generally Accepted Accounting Principles (GAAP). They are the accounting principles by which most State and local government financial statements must be prepared.

What is the GASB?

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GASB is the Governmental Accounting Standards Board (GASB). They are an independent standard-setting Board created to ensure that the needs and desires of all parties interested in governmental accounting and financial reporting receive full and fair consideration. The GASB has complete autonomy from the Financial Accounting Foundation in all technical and standard-setting activities. The GASB is the ultimate authority on GAAP for State and local governments.

What is the GFOA?

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GFOA is the Government Finance Officers Association. This Association helps define GAAP and financial reporting for State and local governments. The GFOA prepares the Governmental Accounting, Auditing, and Financial Reporting book (the “Blue Book”) which provides guidance for preparers and users of governmental financial statements.