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What is the third method the GASB uses to establish standards?
Provide guidance on implementation of standards.
What is the first method the GASB uses to establish standards?
Issue standards that improve the usefulness of financial reports.
What is the second method the GASB uses to establish standards?
Keep standards current to reflect changes in the governmental environment.
What is the fourth method the GASB uses to establish standards?
Consider significant areas of accounting and financial reporting that can be improved through the standard-setting process.
What is the third principle of the GASB?
To establish standards only when the expected benefits exceed the perceived costs.
When was the Governmental Accounting Standards Board established?
The Governmental Accounting Standards Board (GASB) was organized in 1984 under the auspices of the Financial Accounting Foundation.
What is GASB an abbreviation of?
The abbreviation GASB stands for Govermental Accounting Standards Board. The GASB is the generally accepted accounting principles in each state and throughout the United States.
What is the second principle of the GASB?
To weigh carefully the views of its constituents in developing concepts and standards.
What is a list of accounting standards?
In the United States of America, FASB for the private sector, and GASB for the government sector.
What is the fifth principle of the GASB?
To bring about needed changes in ways that minimize disruption of the accounting and financial reporting processes.
How does review of past decisions aid the GASB?
This permits continual interpretation, amendment, or replacement of standards, when deemed necessary.
What is the first reason behind the GASB's establishment of standards?
(1) result in useful information for users of financial reports.
