Which of the following standard-setting bodies requires a management's discussion and analysis as a part of the financial report?
A) GASB.
B) FASB.
C) FASAB.
D) Both GASB and FASAB.

Question

Quizplus · Accepted Answer

Both the Governmental Accounting Standards Board (GASB) and the Federal Accounting Standards Advisory Board (FASAB) require a management's discussion and analysis (MD&A) as part of the financial reporting package. GASB sets standards for state and local governments, while FASAB sets standards for federal entities. The Financial Accounting Standards Board (FASB), which sets standards for private sector entities, also requires MD&A, but the question specifically asks about the inclusion in the financial report, emphasizing the public sector context.

Which of the Following Standard-Setting Bodies Requires a Management's Discussion