I always had the sense that GARP was done in partial imitation of GAAP -- at least in the hope that it could be a widely recognized as the GAAP.  I do not know that this is accurate but would be interested in additional background.  I am somewhat curious as to the GARP's purpose and how its authors anticipate that it might be used.

It is interesting to note that key stakeholders have struggled over this for many years.  I thought the two part article from the NY State Society of CPA's was interesting enough to forward to the list.  

http://www.nysscpa.org/cpajournal/2005/105/infocus/p18.htm

http://www.nysscpa.org/cpajournal/2005/205/infocus/p18.htm 

David Gaynon
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