There is more emphasis on compliance with generally accepted accounting principles today than there was in 1975 around the time of New York City's default on several billions of short-term debt.

Question

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Today financial statements prepared in accordance with generally accepted accounting principles are considered an essential component of accountability for public funds. Compliance with GAAP was the exception rather than the norm in the mid 1970s.

There Is More Emphasis on Compliance with Generally Accepted Accounting