The Great GASB

Source: Jennifer Burnett, Capitol Ideas, Vol. 60, No.2 , March 2017

One of the acronyms policymakers likely hear most often is “GASB,” which stands for the Governmental Accounting Standards Board. …. Created in 1984, GASB is an independent organization that was developed after state and local leaders started talking about the development of reporting principles. ….
GASB is cousin to FASB, or the Financial Accounting Standards Board, which was created in 1973 and establishes financial accounting and reporting standards for public and private companies and nonprofit organizations that follow Generally Accepted Accounting Principles, or GAAP. While FASB covered standards for the private sector, no such standards existed for the public sector. ….