Explore BrainMass

Explore BrainMass

    Governmental Accounting Standards

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    What is Governmental Accounting Standards and what are Financial Accounting Standards Board. What are the objectives of the GASB and the FASB. What are their similarities and what are their differences. And how do the modified accrual basis of accounting differe from full accrual accounting.

    © BrainMass Inc. brainmass.com March 4, 2021, 11:46 pm ad1c9bdddf

    Solution Preview

    The FASB (Financial Accounting Standards Board) are generally known as GAAP, generally accepted accounting principles.

    Governmental Accounting Standards (GASB) is primarily principle-based while U.S. GAAP (FASB) is rules-based.

    The difference between approaches between GASB and FASB is in the methodology used in accounting. Under GAAP (FASB) the practices are focused on what the rules for reporting are.
    Government and non-profit organizations do not have profiteering as a major goal, so they use a system of accounting called fund accounting. Fund accounting ...

    Solution Summary

    Differentiates between government accounting standards (GASB) and financial accounting standards board (FASB). References are provided.