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