What is Governmental Accounting Standards Board (GASB)?
The Governmental Accounting Standards Board (GASB) is an independent organization responsible for setting accounting and financial reporting standards for state and local governments in the United States. Established in 1984, GASB operates under the Financial Accounting Foundation (FAF) and is governed by a seven-member board appointed by the FAF Board of Trustees. GASB issues Statements of Governmental Accounting Standards (GASB Statements) that establish principles and requirements for the recognition, measurement, presentation, and disclosure of financial information in governmental financial statements. Through a transparent and inclusive standard-setting process, GASB solicits input from stakeholders and considers diverse perspectives in developing accounting standards. GASB also provides implementation guidance and oversight to ensure compliance with its standards, thereby promoting transparency, accountability, and comparability in governmental financial reporting nationwide.
Contact Us