Government Accounting Standards Board - GASB

AAA

DEFINITION of 'Government Accounting Standards Board - GASB'

An organization whose main purpose is to improve and create accounting reporting standards or generally accepted accounting principles (GAAP). These standards make it easier for users to understand and use the financial records of both state and local governments. The Government Accounting Standards Board (GASB) is funded and monitored by the Financial Accounting Foundation (FAF).

INVESTOPEDIA EXPLAINS 'Government Accounting Standards Board - GASB'

While the state and local governments follow the standards created by the GASB, the federal government reports according to the standards set by the Federal Accounting Standards Board (FASB).

RELATED TERMS
  1. Financial Accounting Foundation ...

    An independent, private-sector organization that is mainly responsible ...
  2. National Association Of State Boards ...

    A U.S. nonprofit group founded in 1908 that seeks to enhance ...
  3. Financial Services Roundtable

    The Financial Services Roundtable represents 100 of the largest ...
  4. Modified Accrual Accounting

    An accounting method commonly used by government agencies that ...
  5. Statement of Financial Accounting ...

    A document issued by the Financial Accounting Standards Board ...
  6. Accounting

    The systematic and comprehensive recording of financial transactions ...
RELATED FAQS
  1. How does operating leverage affect business risk?

    In finance, companies assess their business risk by capturing a variety of factors that may result in lower-than-anticipated ... Read Full Answer >>
  2. How does a contra-asset account differ from a contra-liability account?

    A contra-asset account is an asset account with a credit balance and reduces the total assets on a company's balance sheet, ... Read Full Answer >>
  3. How are Net Credit Purchases calculated in the accounts payable turnover ratio?

    The accounts payable turnover ratio treats net credit purchases as equal to cost of goods sold (COGS) plus ending inventory, ... Read Full Answer >>
  4. What is the difference between carrying value and fair value?

    Carrying value and fair value are two different accounting measures used to determine the value of a company's assets and ... Read Full Answer >>
  5. What are the fundamental differences in U.S. GAAP and International Financial Reporting ...

    Public accounting rules in the United States are governed by the generally accepted accounting principles, or GAAP, which ... Read Full Answer >>
  6. What is the difference between tier 1 capital and tier 2 capital?

    Under the Basel Accord, a bank's capital consists of tier 1 capital and tier 2 capital, and the two types of capital are ... Read Full Answer >>
Related Articles
  1. Bonds & Fixed Income

    Accounting Rules Could Roil The Markets

    FAS 142 is an accounting rule that changes the way companies treat goodwill. Be aware of the impact it has on reported earnings to avoid making bad investment decisions.
  2. Retirement

    Navigating Government And Nonprofit Financial Statements

    Learn how to trace where your tax dollars and charitable donations are going.
  3. Insurance

    International Reporting Standards Gain Global Recognition

    Comparing financial numbers from corporations in different countries is possible with the adoption of IFRS.
  4. Economics

    What are Pork-Barrel Politics?

    Pork-barrel politics is a form of patronage whereby politicians favor their constituents in exchange for benefits such as campaign donations and votes.
  5. Economics

    Assessing The Pros & Cons of Immigration Reform

    Many of the arguments for and against immigration reform focus on the economic impact of the legislation, including its effect on job growth and wages.
  6. Economics

    Why Lobbying Is Legal And Important In the U.S.

    Political lobbying is again at a heightened spend level, and again being criticized; making it important to remember lobbying's legality and importance.
  7. Economics

    How Lack Of Leadership Is Making Things Worse In Europe

    Lack of effective leadership is impeding the resolution of economic crisis in Europe.
  8. Economics

    Current Countries Under A Western Embargo

    We look at which countries the United States and European Union have imposed an imposed embargoes on and why.
  9. Economics

    How Changing Demographics Affects U.S Elections

    With the 2016 election upcoming, the change in two of the country's largest demographics will go a long way in determining who controls the White House.
  10. Fundamental Analysis

    What is Quantitative Analysis?

    Quantitative analysis refers to the use of mathematical computations to analyze markets and investments.

You May Also Like

Hot Definitions
  1. Redemption

    The return of an investor's principal in a fixed income security, such as a preferred stock or bond; or the sale of units ...
  2. Standard Error

    The standard deviation of the sampling distribution of a statistic. Standard error is a statistical term that measures the ...
  3. Capital Stock

    The common and preferred stock a company is authorized to issue, according to their corporate charter. Capital stock represents ...
  4. Unearned Revenue

    When an individual or company receives money for a service or product that has yet to be fulfilled. Unearned revenue can ...
  5. Trailing Twelve Months - TTM

    The timeframe of the past 12 months used for reporting financial figures. A company's trailing 12 months is a representation ...
Trading Center