Standards for state and local governments are established by the
A) IRS.
B) IASB.
C) GASB.
D) AICPA.

Question

Quizplus · Accepted Answer

GASB (Governmental Accounting Standards Board) sets the accounting and financial reporting standards for state and local governments in the United States. The IRS (Internal Revenue Service) is responsible for collecting federal taxes, the IASB (International Accounting Standards Board) sets global accounting standards, and the AICPA (American Institute of Certified Public Accountants) sets professional accounting standards for CPAs in the United States.

Standards for State and Local Governments Are Established by the