Which of the following organizations is responsible for setting accounting standards for state and local governments?
A)Government Issues Task Force (GITF)
B)Government Accounting Standards Board (GASB)
C)Securities Exchange Commission (SEC)
D)Government Accounting Standards Advisory Council (GASAC)

Question

Quizplus · Accepted Answer

The Government Accounting Standards Board (GASB) is responsible for setting accounting standards for state and local governments. The Government Issues Task Force (GITF) and the Government Accounting Standards Advisory Council (GASAC) are advisory bodies to GASB. The Securities Exchange Commission (SEC) is responsible for setting accounting standards for publicly traded companies.

Which of the Following Organizations Is Responsible for Setting Accounting