To be objective and neutral in its decision making.
To review the effects of past decisions for appropriateness.
To weigh carefully the views of its constituents in developing concepts and standards.
To establish standards only when the expected benefits exceed the perceived costs.
To bring about needed changes in ways that minimize disruption of the accounting and financial reporting processes.
To consider the applicability of its standards to the separately issued general-purpose financial statements of governmentally owned special entities.
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.
Issue standards that improve the usefulness of financial reports.
The GASB offices are located at 401 Merritt 7, P.O. Box 5116, Norwalk, Connecticut 06856-5116.
(1) result in useful information for users of financial reports.
The foundation is responsible for selecting the seven members of GASB and its Advisory Council, funding their activities, and exercising general oversight.
Objective and neutral means freedom from bias, precluding GASB from placing any particular interest above the interests of the many who rely on the information contained in financial reports.
first principle then emotion