Discussion (2 parts)

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"Accounting Standards for Government and Not-for-Profit Entities"

Participate in the following activities in order to complete the discussion:

Go to the GASB Website, located at http://www.gasb.org. Under the About Us tab, review Mission, Vision, & Core Values, Facts about GASB, and Strategic Plan.

Review the material on the GASB listening process, The Comment Letter, The Public Hearing, and the section on Task Forces and Advisory Committees, located at http://www.gasb.org/jsp/GASB/Page/GASBSectionPage&cid=1176156714545.

Go to the Financial Accounting Standards Board (FASB) Website section for Not-For-Profit Entities, located at http://www.fasb.org/jsp/FASB/Page/BridgePage&cid=1351027226246, and review the role of the FASB in setting standards for Not-for-Profits.

Briefly analyze the role of GASB and summarize the due process procedures in place for developing governmental accounting standards. In your analysis and summary, consider the stakeholder groups that benefit from governmental standards and how they might engage in the GASB process.

Briefly analyze the role of the FASB specific to not-for-profit organizations and summarize the due process procedures in place for developing not-for-profit accounting standards. In your analysis and summary, consider the stakeholder groups that benefit from not-for-profit standards and how they might engage the FASB process.