The purpose of accounting is to provide financial information to management and the public. Generally accepted accounting principles (GAAP) are the minimum standards and guidelines for financial accounting and reporting for state and local governments. These principles were developed to establish requirements for the fair presentation and comparability of financial information among governments. Adherence to GAAP ensures that financial reports of all local governments will contain the same types and categories of funds and account …showed first 75 words of 861 total…

…showed last 75 words of 861 total…profession since 1906. The Association's 14,100 members are dedicated to the sound management of government financial resources. The Association administers a broad range of services and programs in the major functional areas of government financial management, including accounting, auditing, and financial planning, along with many other areas. Resources: AICPA Web Site: www.aicpa.org/ <Tab/> GFOA Web Site: www.gfoa.org/ GASB Web Site: www.GASB.org/ FASB Web Site: www.fasb.org/