It is true that governmental accounting standards are different from private sector ones. I believe the GASB promulgates the former; the FASB the latter. So ev

It is true that governmental accounting standards are different from private sector ones. I believe the GASB promulgates the former; the FASB the latter. So everybody uses "GAAP" but it's not the same standards nor "whatever assumptions they want". If they used anything else, it would still be "GAAP", too.