The Differences and Similarties Between the Gasb and the Fasb

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Government and Non-Profit

Today we will explore the exciting world of the GASB and the FASB. Two of the most exciting boards in the accounting world today. We will compare and contrast each of the boards to get a more in-depth look into how each of the boards operate. We will go thru their mission statements in order to get a sense of how they operate and what are their overall goals. Let’s get started!

The FASB mission statement states, “that it is to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities and provides decision-useful information to investors and other users of financial reports. That mission is accomplished through a comprehensive and independent process that encourages broad participation, objectively and considers all stakeholder views and is subject to oversight by the Financial Accounting Foundation’s Board of Trustees.’ The FASB deals with all nongovernmental entities such as the private business, like and Internet company or a fitness facility, or a restaurant. The FASB is a useful tool for new prospective investors that may want to invest in a business or entity. The FASB is also very useful for the stakeholder in a particular company providing the information useful for financial reporting (fasb.org).

The GASB mission statement states “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 the users of those financial reports. The mission is accomplished through a comprehensive and independent process that encourages broad participation, objectively considers all stakeholder views and is subject to oversight by the Financial Accounting Foundation’s Board of Trustees.’ The GASB is for state and local governmental accounting and financial reporting. Businesses...
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