Abstract: The Governmental Accounting Standards Board (GASB) has designed a model for financial reporting by governments that results in a significantly different look to governmental financial statements from those of the past, as well as from those of commercial organizations. This chapter provides a background on the development and purpose of governmental accounting standards. It discusses: entities covered by governmental accounting principles; overview of the history of governmental accounting standards setting; objectives of governmental accounting and financial reporting; communication methods; elements of financial statements; and hierarchy of governmental accounting standards. The Financial Accounting Standards Board (FASB) establishes accounting standards for private sector entities, including both commercial entities and not-for-profit organizations. The chapter also discusses in detail the GASB Concepts Statements 3 (GASBCS 3) and GASBCS 4, and the codification of certain FASB and AICPA accounting and financial reporting guidance.
Publication Year: 2014
Publication Date: 2014-03-21
Language: en
Type: other
Indexed In: ['crossref']
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