As a matter of policy, the Government Finance Officers Association encourages all levels of government to follow Generally Accepted Accounting Principles (GAAP). Uniform government-wide accounting and financial reporting systems for the federal government would result in an improvement in that level of government's ability to accurately track all government expenditures, revenues, assets, and liabilities. The ability to adequately track the federal financial activity cited above could strengthen public respect for the federal government.
A federal entity should be charged with responsibility for establishing and overseeing federal government-wide accounting and financial reporting systems. These systems could provide accurate federal fiscal information. The Government Finance Officers Association supports the designation of such an entity whose duties, responsibilities, and authority are clearly defined.
- Publication date: June 1986