Financial reports for the Internal Revenue Service must abide by generally accepted accounting principles.

Name: Financial reports for the Internal Revenue Service must abide by generally accepted accounting principles.
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Question

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The Internal Revenue Service (IRS) does not have to abide by generally accepted accounting principles (GAAP) for its financial reports; instead, federal agencies follow the standards set by the Federal Accounting Standards Advisory Board (FASAB).

Financial Reports for the Internal Revenue Service Must Abide by Generally