Abstract:This chapter provides a background on the development and purpose of governmental accounting standards. It discusses the entities covered by governmental accounting principles. The chapter presents an...This chapter provides a background on the development and purpose of governmental accounting standards. It discusses the entities covered by governmental accounting principles. The chapter presents an overview of the history of governmental accounting standards setting. It includes the objectives of governmental accounting and financial reporting; communication methods; and elements of financial statements. The chapter also presents the hierarchy of governmental accounting standards. Prior to the formation of the Governmental Accounting Standards Board (GASB), governmental accounting standards were promulgated by the National Council on Governmental Accounting (NCGA). The GASB issued GASBCS 3 on communication methods to provide conceptual guidance on the placement of information within general-purpose external financial reports. The GASB is responsible for promulgating accounting principles for governments. In addition to Statements and Interpretations, the GASB issues technical bulletins (TBs) and implementation guides.Read More
Publication Year: 2018
Publication Date: 2018-09-03
Language: en
Type: other
Indexed In: ['crossref']
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