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It is clear that there is a huge difference when it comes to governmental entities compared to for-profit entities and it starts at their core goal. Governmental entities use the money that is collected in order to give services to the people of the government while for-profit companies use the money earned as profit. The three main differences between them when it comes to accounting are their accounting standards, statements, and reporting. Governmental entities use the Government Accounting Standards Board (GASP) while for-profit companies use the GAAP. They also use different financial statements. Government entities use the statement of activities statement of cash flows, and statement of net assets. These are similar to the for-profits balance sheet. When it comes to annual reporting the main difference is that government entities put together a Comprehensive Annual Financial Report (CAFR) while for-profit business file an annual report. Some of their similarities are in how they record depreciation and payroll.