The GASB establishes financial reporting standards for state and local governmental entities. An entity created by a government possessing one or more of the following characteristics should follow GASB standards:

Question

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The GASB Codification, Section 1000, paragraph .801 explains that any of the above characteristics indicate that an organization created by a government should be considered a government for financial reporting purposes.

The GASB Establishes Financial Reporting Standards for State and Local