Governments can follow either the GASB or FASB Codification.

Question

Quizplus · Accepted Answer

GASB issued GASBS 62 which officially incorporated applicable private sector guidance from FASB and AICPA pronouncements into the GASB codification. Additional accounting guidance, such as FASB statements issued after 2010 or industry-specific guidance, is considered "other accounting literature," as defined in GASB Codification, Section 1000, pars. 103 and 104, and may be followed by governments as long as they do not conflict with or contradict GASB pronouncements.

Governments Can Follow Either the GASB or FASB Codification