The FASAB has the authority to establish accounting and financial reporting standards for:
A) State and local governments
B) Investor owned business
C) Federal government
D) Public not-for-profits

Question

Quizplus · Accepted Answer

Accounting and financial reporting standards for the federal governments are published by the FASAB. The standards are technically "recommendations" since, as a sovereign nation, the federal government cannot relegate authority to an independent board.

The FASAB Has the Authority to Establish Accounting and Financial