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Government accounting refers to the process of recording and the management of all financial transactions incurred by the government which includes its income and expenditures. Various governmental accounting systems are used by various public sector entities.
Some consider all government liabilities, including future pension payments and payments for goods and services the government has contracted for but not yet paid, as government debt. This approach is called accrual accounting, meaning that obligations are recognized when they are acquired, or accrued, rather than when they are paid.
The Governmental Accounting Standards Board (GASB) is the source of generally accepted accounting principles (GAAP) used by state and local governments in the United States. [1] As with most of the entities involved in creating GAAP in the United States, it is a private, non-governmental organization.
The Public Financial Management and Control Law of 2006 require the government to adopt international accounting standards for the public sector. Based on this law, the government issued a public accounting regulation for central government entities in 2006 and established a Public Accounting Standards Board.
The elements of financial reports are regulated by the Office of Federal Financial Management. At the state and local level of the United States, the Government Accounting Standards Board (GASB) make the accounting and financial rules. A major change came in June 1999, when GASB introduced accrual and consolidated rules with fund accounting ...
The service can be divided into officers looking after accounting and audit issues pertaining to the Union government and the state governments, and those manning the department's headquarters. The state accounts and audit offices are headed by Accountants General or Principal Accountants General.
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The United States government uses accrual basis accounting for all of its funds. Its consolidated annual financial report uses two indicators to measure financial health: unified budget deficit and net operating (cost)/revenue. [53] The unified budget deficit, a cash-basis measurement, is the equivalent of a checkbook balance.