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)
“I, who am king of the matter I treat, and who owe an accounting for it to no one, do not for all that believe myself in all I write. I often hazard sallies of my mind which I mistrust.”
—Michel de Montaigne (1533–1592)
“Measured by any standard known to science—by horse-power, calories, volts, mass in any shape,—the tension and vibration and volume and so-called progression of society were full a thousand times greater in 1900 than in 1800;Mthe force had doubled ten times over, and the speed, when measured by electrical standards as in telegraphy, approached infinity, and had annihilated both space and time. No law of material movement applied to it.”
—Henry Brooks Adams (1838–1918)
“Watteau is no less an artist for having painted a fascia board while Sainsbury’s is no less effective a business for producing advertisements which entertain and educate instead of condescending and exploiting.”
—Stephen Bayley (b. 1951)