GAAP IS REPLACING OR SUPPLEMENTING BARS IN THE STATES OFWASHINTON, CALIFORNIA AND CHINA

GAAP IS REPLACING OR SUPPLEMENTING BARS IN THE STATES OFWASHINTON, CALIFORNIA AND CHINA. Generally accepted accounting standards GAAP are being utilized to suppliment Bugetary Accounting Reporting Systems BARS. Why now? Isn't institutional accounting differecn than a business enterprise. Yes if the enity it purely an institution such as a church. Now it is becoming necessary that governmental entities that look like an entprise pursing profits and increased cash flow to account for their tranactions on an accruel basis of accounting and financial reporting. So, is this a bigdeal? Yes the results of operating an enterprise is far more complicated than an instituion of government, such as USA, Inc. or CCP, Inc. That's why China is in the processof converting their fiancial records to GAAP either replacing BARS or supplementing with GAAP monthly and annual reporting on operations rather than an annual budget report on a cashin and out plus debt if the cash in isn't adequate to cover cash out leaving a deficit spending situation requiring borrowing. .