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Why are the jurisdictions of the accounting standardssetting bodies Gasb fasab and fasb?
Wiki User
∙ 11y ago
The GASB is responsible for establishing and improving accounting and financial reporting standards for all state and local governmental entities (including government-sponsored colleges and universities, health care providers, and utilities). The FASAB establishes accounting standards for the federal government. The FASB establishes standards for all other entities, including not-for-profit colleges and universities and health care providers.
Wiki User
∙ 11y ago
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When was FASAB established?
The Federal Accounting Standards Advisory Board (FASAB) was established in 1990.
What is FASAB's primary function?
FASAB's primary function is to make recommendations to the principals for financial accounting and reporting standards to be adopted for the U.S. federal government.
Who established the FASAB?
It was established in 1990 by three U.S. government principals: the Comptroller General, the Director of the Office of Management and Budget, and the Treasurer.
