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ABOUT GASB BEING DESIGNATED BY THE COUNCIL OF THE AICPA
Leelah-18085 - 04/30/2020, 5:51 pm

Hello, I'm confuse: I read somewhere that The GASB was appointed by the FAF ( Financial Accounting Foundation) to establish GAAP for State and local governments. Now I'm seeing that the answers to one of my review questions, mentions the AICPA as being responsible for designating GASB. Please help clarify the difference for me. THANK YOU

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Tina-50969 - 05/3/2020, 1:14 pm

GASB is for the state and local government financial reporting not GAAP
General Accepted Accounting principles (GAAP) is set by Financial Accounting Standards Board (FASB) has the comprehensive foundation of accounting principles. SEC designate FASB,
Hope this answers your question

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Leelah-18085 - 05/4/2020, 11:15 am

Hello Tina, my focus is mostly on WHICH organization gives GASB the authority to establish GAAP for state and local government financial reporting?
Like SEC designate FASB, who designate GASB?

Varun-62811 - 05/12/2020, 2:11 pm

The GASB is subject to oversight by the Financial Accounting Foundation (FAF).

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