Government Accounting Standards Board (GASB)

Government Accounting Standards Board (GASB),

Definition of Government Accounting Standards Board (GASB):

  1. A private sector entity that is responsible for establishing and improving the financial reporting and accounting standards for the United States local and state governments. These standards help users to understand and use state and local governments financial records. The entity is funded by contributions, assessment fees from issues of municipal bonds, and from sales of publications.

  2. The Government Accounting Standards Board is an independent, non-political organization founded in 1984, to promote clear, consistent, transparent and comparable financial reporting for state and local governments — while the Federal Accounting Standards Advisory Board (FASB) does the same for the Federal government. Taxpayers, holders of municipal bonds, legislators and oversight bodies rely on this financial information to shape public policy and make investments.

  3. The Government Accounting Standards Board (GASB) is a private non-governmental organization that creates accounting reporting standards, or generally accepted accounting principles (GAAP), for state and local governments in the United States.

Meaning of Government Accounting Standards Board (GASB) & Government Accounting Standards Board (GASB) Definition