The Governmental Accounting Standards Board establishes generally accepted accounting principles for all state and local governments and all not-for-profit entities.

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The Governmental Accounting Standards Board (GASB) establishes generally accepted accounting principles (GAAP) for state and local governments, but not for all not-for-profit entities; the Financial Accounting Standards Board (FASB) is responsible for setting accounting standards for not-for-profit entities.

The Governmental Accounting Standards Board Establishes Generally Accepted Accounting Principles