Which organization has standard setting authority over state and local governments,including governmentally related not-for-profit organizations such as hospitals colleges and universities?

Question

Quizplus · Accepted Answer

The Governmental Accounting Standards Board (GASB) has standard-setting authority over state and local governments, including governmentally related not-for-profit organizations such as hospitals, 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) focuses on professional ethics and standards for CPAs. The Securities and Exchange Commission (SEC) oversees financial reporting and disclosure by publicly traded companies.

Which Organization Has Standard Setting Authority Over State and Local