"Many country and city governments in the United States choose to "opt out" of GAAP practices as they operate on a cash basis, as opposed to an accrual basis."[

"Many country and city governments in the United States choose to "opt out" of GAAP practices as they operate on a cash basis, as opposed to an accrual basis."[0] If publicly traded companies are expected to report GAAP numbers and our governments aren't, it has to make one wonder… it certainly makes it harder to determine how to go about effective resource allocation in a society, especially when we're asking kids to make informed investment decisions about their futures… [0] https://en.wikipedia.org/wiki/Generally_accepted_accounting_principles https://en.wikipedia.org/wiki/Generally_accepted_accounting_...