Under certain circumstances a government might use standards established by which of the following standard-setting bodies?
A)GASB.
B)FASB.
C)AICPA.
D)All of the above.

Question

Quizplus · Accepted Answer

All of the mentioned standard-setting bodies could be used by a government under certain circumstances. GASB (Governmental Accounting Standards Board) sets accounting standards for state and local governments. FASB (Financial Accounting Standards Board) sets accounting standards for the private sector. AICPA (American Institute of Certified Public Accountants) sets auditing standards for both the private and public sector. Depending on the nature and purpose of the government's financial reporting, any of these standard-setting bodies may be applicable.

Under Certain Circumstances a Government Might Use Standards Established by Which