Glossary of Municipal Securities Terms

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)

Standards adopted by the Financial Accounting Standards Board (FASB) for preparing financial statements of private enterprises and by the Governmental Accounting Standards Board (GASB) for preparing financial statements of state and local governments. While FASB GAAP is required for the preparation of financial statements for publicly traded companies in the United States, some states do not require implementation of GASB GAAP, in whole or in part, by governmental entities within such states. See: FINANCIAL ACCOUNTING STANDARDS BOARD; GOVERNMENTAL ACCOUNTING STANDARDS BOARD.

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