Which entity issues GASB standards?

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Study for the Governance and Finance of U.S. Schools Test. Engage with flashcards and multiple-choice questions, each with hints and explanations to enhance understanding. Prepare for your exam with confidence!

Multiple Choice

Which entity issues GASB standards?

Explanation:
Standards for governmental accounting are set by a board dedicated to state and local governments. The entity that issues GASB standards is the Governmental Accounting Standards Board, which develops statements and guidance specifically for how governmental entities prepare and present their financial reports. The Financial Accounting Standards Board handles private-sector accounting, the Internal Revenue Service administers tax rules, and the National Association of School Boards is a professional association, not a standard setter. So, the Governmental Accounting Standards Board is the body that issues GASB standards.

Standards for governmental accounting are set by a board dedicated to state and local governments. The entity that issues GASB standards is the Governmental Accounting Standards Board, which develops statements and guidance specifically for how governmental entities prepare and present their financial reports. The Financial Accounting Standards Board handles private-sector accounting, the Internal Revenue Service administers tax rules, and the National Association of School Boards is a professional association, not a standard setter. So, the Governmental Accounting Standards Board is the body that issues GASB standards.

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