GASB and FASB Analysis Paper ACC/460 The Governmental Accounting Standards Board and the Financial Accounting Standards Boards were put in place to assist in regulating the private sector‚ federal‚ and state and local governments. These regulations that are in place are to hold he sector accountable for its accurate financial reporting and documentation. I ask how these two divisions differ in its objectives and how to they regulate each party it governs. The Governmental Accounting
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Standard Board (FASB) sets regulations for nongovernment entities and the Government Accounting Standard Board (GASB) is the government entities regulator. They have similarities and differences designed for the type of business they monitor. The financial statements are another area that can be confusing because most businesses will use accrual accounting methods‚ but government organizations use a modified version. To understand the similarities differences between GASB and FASB the following paragraphs
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Running head: GASB AND FASB ANALYSIS PAPER Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) Analysis Paper Mandy Diaz University of Phoenix Marie Romero ACC 460 / Government and Non-Profit Accounting March 30‚ 2010 Governmental Accounting Standards Board and Financial Accounting Standards Board This paper will be aimed at comparing and contrasting governmental (GASB) which is Governmental Accounting Standards Board and proprietary (FASB) which is
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GASB and FASB Comparison Government and Not-For-Profit Accounting GASB and FASB Comparison The Governmental Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB) have some similarities and differences even though it may seem on the surface to be the same. The fact the FASB created the GASB for governing not-for-profit and government organizations but with very different goals in mind. The same can be said for full accrual basis of accounting and modified accrual
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GASB and FASB Analysis Paper By Jennifer R Carlson ACC 460 Kelly Chamberlain March 6‚ 2006 The Governmental Accounting Standards Board (GASB) is the board that "sets the accounting and financial reporting standards for state and local governments‚ whereas the Financial Accounting Standards Board (FASB) is the standard-setter for all other entities except the federal government." (Granof‚ 2003‚ Ch 1 pp6) The GASB promotes accountability and allows the public to know the facts in
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Running Head: GASB and FASB Analysis Paper GASB and FASB Analysis Paper Henry Holden Course: ACC/460 Government and Non-Profit Accounting University of Phoenix Instructor: Aisha Meeks Due Date: June 12‚ 2009 GASB and FASB Analysis Paper Since 1973‚ the Financial Accounting Standards Board (FASB) has been the designated organization in the private sector for establishing standards of financial accounting. Those standards govern the preparation of financial statements. They are officially
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FASB/GASB Comparison For-profit business is driven by profit earnings. Financial statements provide information in relation to that performance. For-profit businesses will prepare reports based on the Financial Accounting Standards Board (FASB). Not-for-profit businesses are not driven by the same motivations and are hold to the Governmental Accounting Standards Board (GASB). Three distinctions set GASB organizations apart. 1) Receipt of significant recourses that are not expecting proportionate
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over the FASB and GASB to coordinate their operations One difference between the two organizations is that the rules of the GASB need not apply to that of FASB. If the GASB had not covered an accounting topic that the FASB had‚ then the FASB standards would be used by the government entities. Under the rules of the FASB‚ SFAS No. 87 Employers Accounting for Pension must be followed by the financial entity. This is to establish measurement and display standards related to pensions. GASB No. 4 was
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Public policy issues FASB and GASB have changed their rules on Pension Standards‚ which was supposed to help people understand better and their pension system work efficiently. It seems to be achieved for the first part that people now understand the pension system better. For the second part‚ however‚ there are always fights between governments and the public‚ because some governments attempt to cut pension payment in order to balance the budget that the government need in the year. One of the
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The Similarity and Difference between FASB & GASB Financial Reporting Saintania Bien-Aime Governmental/ Institutional Accounting: ACG4501 Keiser University April 15‚ 2012 Abstract The accounting and financial reporting standards are one of the source that profit businesses and governmental not-for-profit organizations‚ which has been created by the Accounting standards Board (FASB). However‚ accounting and financial reporting standards that apply for state and local governments in America
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