The body that has been established to recommend accounting and financial reporting standards for the federal government is the
A) Financial Accounting Standards Board (FASB).
B) Governmental Accounting Standards Board (GASB).
C) Federal Accounting Foundation (FAF).
D) Federal Accounting Standards Advisory Board (FASAB).

Question

Quizplus · Accepted Answer

The Federal Accounting Standards Advisory Board (FASAB) is the body responsible for recommending accounting and financial reporting standards for the federal government. Option A (FASB) is responsible for setting accounting standards for the private sector, while option B (GASB) sets standards for state and local government entities. Option C (FAF) is the parent organization of both FASB and GASB.

The Body That Has Been Established to Recommend Accounting and Financial