Public colleges and universities are (primarily)subject to financial reporting standards issued by:
A) GASB.
B) FASB.
C) AICPA.
D) None of the above.

Question

Quizplus · Accepted Answer

Public colleges and universities are primarily subject to financial reporting standards issued by the Governmental Accounting Standards Board (GASB), which sets accounting and financial reporting standards for state and local governments, including public colleges and universities. The Financial Accounting Standards Board (FASB) sets accounting standards for private-sector entities, while the American Institute of Certified Public Accountants (AICPA) is a professional organization for accountants and does not issue financial reporting standards.

Public Colleges and Universities Are (Primarily)subject to Financial Reporting Standards