Norwalk, CT, March 24, 2025 — The Governmental Accounting Standards Board (GASB) has completed a study of the utilization of Generally Accepted Accounting Principles (GAAP) by state and local governments in the U.S.
The study identifies and categorizes state-imposed financial reporting requirements for state, county, municipal, and special district governments. In addition, the study includes a statistical model of the determinants of GAAP choice in the absence of a state requirement to utilize GAAP.
The GASB staff’s working paper is titled, “Financial Reporting Requirements for State and Local Governments: Evaluating GAAP Choice.”
A high-level graphical summary of the results are available here.