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Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) Analysis - Research Paper Example

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Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) Analysis

GASB has the duty to establish financial reporting standards for both the state as well as the local governments which might include within them states, cities, towns, villages, and special-purpose governments such as of school districts and not to forget the public utilities and service centers. GASB also plays a pivotal role in establishing the fundamental financial statements, which are required supplementary information (RSI) for governments that can be termed as general purpose. RSI is created so as to make evident that whether or not resources are achieved and brought about as well as used in the compliance of the government's legally prevalent budget. It should embody budgetary comparison schedules for the funds that are deemed general and the same should be legally adopted by the annual budget for each significant and special revenue fund (Hurtt 2008). The FASB has provided new cartridges for its derogators of late. It has been seen by the government legislators that the adoption of the ill-planned FASB Statements have been delayed a number of times which in essence ended up in a gap of five-years where there was no comparison whatsoever with the financial statements.

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Summary

GASB and FASB Student ID Lecturer Submission Date University Abstract Governmental Accounting Standards Board or GASB for short stands for the group which is authorized by the accounting profession and its professionals to actually establish a generally accepted set of accounting principles (GAAP) which are applicable to state as well as local governmental entities…
Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) Analysis
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