Governmental Accounting Standards Board


Governmental Accounting Standards Board
GASB The U.S. *public sector accounting standards-setting organization. Based in Norwalk, CT, and established in 1984, the GASB’s Web site states that 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 is the public sector equivalent of the *Financial Accounting Standards Board (FASB), and it is overseen by the *Financial Accounting Foundation. It issues *accounting standards and also guidance on the standards, thereby acting as the custodian of public sector *Generally Accepted Accounting Principles in the United States. The GASB is advised by *Governmental Accounting Standards Advisory Council (GASAC), which has a larger set of responsibilities than the FASB’s *Financial Accounting Standards Advisory Council. Web site: www.gasb.org

Auditor's dictionary. 2014.

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