The Governmental Accounting Standards Board (GASB) is a private organization that sets the accounting rules and standards, known as generally accepted accounting principles (GAAP), specifically for state and local governments across the U.S.
Learn more about Governmental Accounting Standards Board
The Governmental Accounting Standards Board (GASB) is a non-political, independent group that started in 1984. Their goal is to ensure that financial reporting for state and local governments is clear, consistent, transparent, and comparable. On the federal side, the Federal Accounting Standards Board (FASB) handles similar responsibilities. This financial data is crucial for taxpayers, municipal bondholders, lawmakers, and oversight organizations as they use it to influence public policy and make investment decisions.
Who Is the GASB Member?
Joel Black is the chair, while Jeffrey J. Previdi takes on the role of vice chair. Black comes from a public accounting background, and Previdi is recognized as a financial statement user. According to the GASB, every member contributes a “unique perspective to the Board” thanks to their diverse work experiences and expertise.
Conclusion
The GASB sets and upholds the rules for how state and local governments handle their accounting by following generally accepted accounting principles (GAAP). This helps give investors, consumers, and lawmakers assurance that the financial reports from these entities are accurate, clear, and trustworthy.