The Governmental Accounting Standards Board
A) was incorporated into the Financial Accounting Standards Board when the FASB was created.
B) addresses financial reporting issues of U.S.government treaties and treasury rulings.
C) addresses the financial reporting issues related to state and local governments.
D) addresses the governmental reporting activities of the SEC.

Question

Quizplus · Accepted Answer

The Governmental Accounting Standards Board (GASB) is a board focused on the development of accounting standards for state and local government entities in the United States. It was created as a separate entity from the Financial Accounting Standards Board (FASB) in order to address the unique reporting needs of governmental entities. Therefore, options A, B, and D are incorrect.