The Governmental Accounting Standards Board (GASB) is the source of

generally accepted accounting principles Publicly traded companies typically are subject to rigorous standards. Small and midsized businesses often follow more simplified standards, plus any specific disclosures required by their specific lenders and shareholders. Some firms operate on th ...

(GAAP) used by state and local governments in the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...

. As with most of the entities involved in creating GAAP in the United States, it is a private, non-governmental organization. The GASB is subject to oversight by the Financial Accounting Foundation (FAF), which selects the members of the GASB and the

Financial Accounting Standards Board The Financial Accounting Standards Board (FASB) is a private standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Securi ...

, and it funds both organizations. Its mission is to establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial reports and guide and educate the public, including issuers, auditors, and users of those financial reports. The GASB has issued ''Statements'', ''Interpretations'', ''Technical Bulletins'', ''Concept Statements'' and ''Implementation Guides'' defining GAAP for state and local governments since 1984. GAAP for the Federal government is defined by the

Federal Accounting Standards Advisory Board The Federal Accounting Standards Advisory Board (FASAB) is a United States federal advisory committee whose mission is to improve federal financial reporting through issuing federal financial accounting standards and providing guidance after c ...

. In January 2020, GASB appointed Joel Black to succeed David Vaudt as the chair. Black is also partner-in-charge of Mauldin & Jenkins LLC.

References

{{Reflist

External links

GASB Official Website

GASB 45 for the Masses--Tips for Small Employers to Comply with GASB 45
Accounting organizations Self-regulatory organizations in the United States Accounting in the United States Accounting standards

See also

References

External links