In 1984 the Governmental Accounting Standards Board, created to solidify accounting principles for government entities, enumerated Generally Accepted Accounting Principles endorsed by the American Institute of Certified Public Accountants and the National Council on Governmental Accounting. These principles have recently been approved for school…

The use of generally accepted accounting principles (GAAP) by all state and local governments may require legislation. Findings from a survey of states to get data on current accounting and financial reporting practices are summarized. Model legislation to provide uniformity in accounting and reporting is presented. (MLF)

Presents the history and an overview of how generally accepted accounting principles (GAAP) are established and by what process the standards are created. School business officials are invited to participate in the Governmental Accounting Standards Board (GASB), established as the standard setting body for state and local governments. (MLF)