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Prepare a 350-700-word paper analyzing the relationship between GASB and FASB. Compare and contrast the objectives of both FASB and GASB. Also, describe the role of government regulation in the application of accounting standards and reporting requirements. Include a description of a situation in a governmental accounting environment in which FASB standards would apply

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Prepare a 350-700-word paper analyzing the relationship between GASB and FASB. Compare and contrast the objectives of both FASB and GASB. Also, describe the role of government regulation in the application of accounting standards and reporting requirements. Include a description of a situation in a governmental accounting environment in which FASB standards would apply

The FASB sets ruled for accounting in the private sector whereas the GASB sets rules over financial reporting by government. The relationship between GASB and FASB is that the members to both the boards are appointed by the Financial Accounting Foundation. The Financial Accounting Foundation however plays a larger role in case of GASB, the Financial Accounting Foundation raises funds, gives general oversight of governmental accounting standards and appoints its members. The GASB and the Financial Accounting Foundation get assistance from the Government Accounting Standards Advisory Council. So the role of government regulation in the application of accounting ...

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Hatim Baxamusa, MBA
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  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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