Tribes Move to Form an Independent Tribal Accounting Standards Board
Since 2000, the Government Accounting Standards Board and the American Institute of Certified Public Accountants have been the only standard-making bodies for the development and publishing of generally accepted accounting and reporting principles for tribes. An unintended consequence to the Single Audit Act as amended in 1996 defined Indian tribes as “states” for purposes of the single audit requirements contained in the Act. They are not states. They are sovereigns.