The FASB has the authority to set accounting standards for all of the following organizations except:

Question

Quizplus · Accepted Answer

The FASB has standard-setting authority over business organizations and private not-for-profit organizations. The GASB has standard-setting authority over state and local governments, including governmentally related not-for-profit organizations. A city owned hospital would follow GASB standards.

The FASB Has the Authority to Set Accounting Standards for All