Similar in mission to the FASB, the Governmental Accounting Standards Board is responsible for setting financial accounting and reporting standards for local and state governmental agencies. Government accounting refers to the process of recording and the management of all financial transactions incurred by the government which includes its income and expenditures.. Various governmental accounting systems are used by various public sector entities. Accounting standards have also been established by the Governmental Accounting Standards Board for accounting principles for all state and local governments. The GASB is an independent, private-sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for … Governmental Accounting, Auditing, and Financial Reporting 2020 Edition. Those rules are known collectively as U.S. Generally Accepted Accounting Principles—or U.S. GAAP. The Governmental Accounting Standards Board or GASB is an independent, private-sector, not-for-profit organization that—through an open and thorough due process—establishes and improves standards of financial accounting and reporting for U.S. state and local governments. GFOA has published Governmental Accounting, Auditing, and Financial Reporting (GAAFRor “Blue Book”) for the past 85 years with hundreds of thousands of copies sold.This edition has been updated to incorporate all of the guidance of the GASB through GASB Statement No. The Government Accounting Standards Board sets standards for state and local government entities, and the Financial Accounting Standards Board sets rules for private sector accounting. Standards & Guidance The FASAB Handbook of Accounting Standards and Other Pronouncements, as Amended (Current Handbook)—an approximate 2,500-page PDF—is the most up-to-date, authoritative source of generally accepted accounting principles (GAAP) developed for federal entities. GASB Technical Bulletins; GASB Implementation Guides; and literature of the American Institute of Certified Public Accountants (AICPA) cleared by the GASB (Category B). Because governments operate differently from for-profit businesses, accounting and financial standards … The accounting standards developed and established by the FAF’s standard-setting boards—the Financial Accounting Standards Board and the Governmental Accounting Standards Board—are the rules that determine how that language is written. GASB Statements 33, Accounting and Financial Reporting for Nonexchange Transactions, and 36, Recipient Reporting for Certain Shared Nonexchange Revenues, may have an impact on a governmental entity's reporting of revenues related to certain non-exchange transactions. It is updated annually to incorporate pronouncements issued by FASAB through June 30 of each year. Governmental Accounting Standards Board (GASB) GASB Questionnaires. The Governmental Accounting Standards Board (GASB) established the following hierarchy of authoritative GAAP for state and local governments: GASB Statements (Category A). Category (a) consists of GASB Statements and Interpretations and AICPA and Financial Accounting Standards Board (FASB) pronouncements that have been specifically made applicable to state and local governmental entities by GASB Statements or Interpretations (periodically incorporated in the Codification of Governmental Accounting and Financial Reporting Standards). All full reporting and GR consolidated agencies are required to complete and submit every GASB Questionnaire each fiscal year. All of the following GASB Questionnaires are due on or before Aug. 15, 20CY: GASB 14/39/61/80/90 Component Unit (PDF Preview) But, government agencies must also follow GASB or Government Accounting Standards Board.