GAAFR is not an authoritative pronouncement concerning GAAP.

Name: GAAFR is not an authoritative pronouncement concerning GAAP.
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GAAFR (Governmental Accounting, Auditing, and Financial Reporting) provides guidance for state and local governments but is not considered an authoritative pronouncement of Generally Accepted Accounting Principles (GAAP); authoritative GAAP for governments in the United States is established by the Governmental Accounting Standards Board (GASB).

GAAFR Is Not an Authoritative Pronouncement Concerning GAAP