The Governmental Accounting Standards Board sets financial reporting standards for all units of government: federal, state, and local.

Question

Quizplus · Accepted Answer

The GASB sets standards for state and local governments but not the federal government. GASB also sets standards for governmentally related not-for-profit organizations, health care entities, museums, libraries, and performing arts organization owned or controlled by governments.

The Governmental Accounting Standards Board Sets Financial Reporting Standards for All