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. Accounting

    The systematic and comprehensive recording of financial transactions ...
  6. Generally Accepted Accounting Principles ...

    The common set of accounting principles, standards and procedures ...
Related Articles
  1. Accounting Rules Could Roil The Markets
    Bonds & Fixed Income

    Accounting Rules Could Roil The Markets

  2. Navigating Government And Nonprofit ...
    Retirement

    Navigating Government And Nonprofit ...

  3. International Reporting Standards Gain ...
    Insurance

    International Reporting Standards Gain ...

  4. What are some examples of how cash flows ...
    Personal Finance

    What are some examples of how cash flows ...

Hot Definitions
  1. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
  2. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  3. Leading Indicator

    A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators ...
  4. Wage-Price Spiral

    A macroeconomic theory to explain the cause-and-effect relationship between rising wages and rising prices, or inflation. ...
  5. Accelerated Depreciation

    Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years ...
  6. Call Risk

    The risk, faced by a holder of a callable bond, that a bond issuer will take advantage of the callable bond feature and redeem ...
Trading Center