Consider significant areas of accounting and financial reporting that can be improved through the standard-setting process.
Provide guidance on implementation of standards.
Issue standards that improve the usefulness of financial reports.
Keep standards current to reflect changes in the governmental environment.
Improve the common understanding of the nature and purposes of information contained in financial reports.
To establish standards only when the expected benefits exceed the perceived costs.
To consider the applicability of its standards to the separately issued general-purpose financial statements of governmentally owned special entities.
The Governmental Accounting Standards Board (GASB) was organized in 1984 under the auspices of the Financial Accounting Foundation.
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.
To weigh carefully the views of its constituents in developing concepts and standards.
In the United States of America, FASB for the private sector, and GASB for the government sector.
This permits continual interpretation, amendment, or replacement of standards, when deemed necessary.
(1) result in useful information for users of financial reports.