The Governmental Accounting Standards Board (GASB) is currently the source of generally accepted accounting principles (GAAP) used by State and Local governments in the United States of America. 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, and funds both organizations.
The mission of the Governmental Accounting Standards Board 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, and Concept Statements defining GAAP for state and local governments since 1984. GAAP for the Federal government is defined by the Federal Accounting Standards Advisory Board.
Famous quotes containing the words governmental, accounting, standards and/or board:
“Almost every thing, especially of governmental policy, is an inseparable compound of the two [good and evil].”
—Abraham Lincoln (1809–1865)
“At the crash of economic collapse of which the rumblings can already be heard, the sleeping soldiers of the proletariat will awake as at the fanfare of the Last Judgment and the corpses of the victims of the struggle will arise and demand an accounting from those who are loaded down with curses.”
—Karl Liebknecht (1871–1919)
“The home is a woman’s natural background.... From the beginning I tried to have the policy of the store reflect as nearly as it was possible in the commercial world, those standards of comfort and grace which are apparent in a lovely home.”
—Hortense Odlum (1892–?)
“Midway the lake we took on board two manly-looking middle-aged men.... I talked with one of them, telling him that I had come all this distance partly to see where the white pine, the Eastern stuff of which our houses are built, grew, but that on this and a previous excursion into another part of Maine I had found it a scarce tree; and I asked him where I must look for it. With a smile, he answered that he could hardly tell me.”
—Henry David Thoreau (1817–1862)