Similarities Between FASB And GASB

GASB VS. FASB

The Government Accounting Standards Board (GASB) established in 1984, is an independent organization that determines and improves generally accepted accounting principles (GAAP) for U.S. state and local government entities. However, GASB is not a government entity, it is an operating component of the Financial Accounting Foundation (FAF), a private sector not-for-profit entity (GASB, "Facts About GASB "). The accounting and financial reporting standards established by GASB are essential for government entities operate differently than for profit businesses. The Financial Accounting Standards Board (FASB) is another board that establishes GAAP pertaining to private sector accounting. Both GASB and FASB focus to ensure the accounting treatment and financial statements are accurate and reliable to benefit the end users, the public …show more content…
This paper will summarize the similarities and differences between GASB and FASB accounting and how the modified accrual basis of accounting used primarily for governmental funds differs from full