The GASB has standards-setting authority over state and local governments, including governmentally related not-for-profit organizations such as hospitals colleges and universities. Private not-for-profits must follow all applicable ____ standards in recording transactions.

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The Financial Accounting Standards Board (FASB) sets accounting standards for private not-for-profit organizations. The American Institute of Certified Public Accountants (AICPA) sets accounting standards for the accounting profession, while the Securities and Exchange Commission (SEC) sets accounting standards for publicly traded companies. The Governmental Accounting Standards Board (GASB) sets standards for state and local governments and governmentally related not-for-profit organizations.

The GASB Has Standards-Setting Authority Over State and Local Governments