Analyze the relationship between GASB and FASB

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Analyze the relationship between GASB & FASB. Prepare a summary on the following points:

1. Explain the objectives of the two boards - how they are similar and how they are different.

Financial Accounting Standards Board (FASB) is responsible for establishing the standards of financial accounting and reporting for private entities since 1973(US GAAP). These are required for the efficient functioning of the economy because investors, creditors, auditors and others rely on credible, transparent and comparable financial information.
The Mission of the Financial Accounting Standards Board
The FASB Mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors and users of financial information.
(www.fasb.org)

It also provides guidance on implementation of standards. The Board's keep their accounting standards updated as both concepts and standards is based on research aimed at gaining new insights and ideas.
They promote the international comparability of accounting standards along with improving the quality of financial reporting. And finally, they improve the common understanding of the nature and purposes of information contained in financial ...