Which organization has standard setting authority over governmentally related not-for-profit organizations,such as hospitals colleges and universities.

Question

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GASB is the Governmental Accounting Standards Board which has standard setting authority over governmentally related not-for-profit organizations including hospitals, colleges, and universities. The GASB provides standards and guidance for the preparation of financial statements for these organizations, including the reporting of assets, liabilities, revenues, and expenses. The FASB (Financial Accounting Standards Board) and AICPA (American Institute of Certified Public Accountants) set standards for profit organizations, while the SEC (Securities and Exchange Commission) has regulatory authority over publicly traded companies.

Which Organization Has Standard Setting Authority Over Governmentally Related Not-For-Profit