Special purpose accounting frameworks are considered generally accepted accounting principles (GAAP) for state and local governments.

Question

Quizplus · Accepted Answer

Special purpose frameworks, also known as other comprehensive bases of accounting (OCBOA), are not considered generally accepted accounting principles (GAAP); GAAP for state and local governments in the United States is established by the Governmental Accounting Standards Board (GASB).

Special Purpose Accounting Frameworks Are Considered Generally Accepted Accounting Principles