The Governmental Accounting Standards Board has equal status with the Financial Accounting Standards Board as to the authority of its pronouncements.

Question

Quizplus · Accepted Answer

Both the Governmental Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB) have authoritative status in their respective domains. GASB sets standards for state and local government accounting, while FASB sets standards for private sector accounting. Each operates independently within its jurisdiction, and their pronouncements are authoritative for their respective sectors.

The Governmental Accounting Standards Board Has Equal Status with the Financial