The body currently responsible for developing local governmental accounting standards is the

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The Governmental Accounting Standards Board (GASB) is responsible for developing accounting standards for state and local governments in the United States. The Financial Accounting Standards Board (FASB) develops accounting standards for private and public companies. The National Council on Governmental Accounting (NCGA) is no longer in existence, and the Government Finance Officers Association (GFOA) is a professional organization that provides guidance and best practices for government finance professionals, but does not develop accounting standards.

The Body Currently Responsible for Developing Local Governmental Accounting Standards