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.

Question

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Private not-for-profit organizations must follow the standards set by the Financial Accounting Standards Board (FASB) in recording transactions. The Governmental Accounting Standards Board (GASB) only has standards-setting authority over state and local governments and governmentally related not-for-profit organizations. The American Institute of Certified Public Accountants (AICPA) sets standards for audits and other services provided by CPAs, and the Securities and Exchange Commission (SEC) regulates the financial reporting of publicly traded companies.

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