What accounting standards does the federal government follow compared to private businesses and organizations?

The federal government operates without the basic accounting standards that are mandatory for virtually every other type of organization in America. While public corporations, nonprofits, and even small convenience stores are required to maintain proper accounting records and financial transparency, the federal government lacks these fundamental oversight mechanisms. This absence of standard accounting practices represents a shocking departure from basic fiscal responsibility principles. The situation is particularly concerning because government officials appear to view this lack of accountability as acceptable and sustainable, despite the fact that such standards would be considered essential for any private entity handling far less money and responsibility than the federal government manages daily.