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Governmental Accounting Standards

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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.

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Solution Summary

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

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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 ...

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