Governmental accounting is very different from financial accounting. The FASB Codificationonly applies to nongovernmental entities. State and
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Governmental accounting is very different from financial accounting. The FASB Codificationonly applies to nongovernmental entities. State and local governments must follow GASB (Governmental Accounting Standards Board) standards, whilefederal government reporting entities must follow FASAB (Federal Accounting Standards Advisory Board) standards.
- What are some issues you can think of that might be unique to governmental accounting?
- Why might a state government require that audited financial statements be prepared at its statewide and local levels?
Related Book For
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
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