Identify key differences and similarities between GASB and FASB for elements and processes such as:

• Organizational purpose or stakeholder
• Financial reporting objectives
• Financial statement presentation
• Accounting treatment of revenues and expenses
• The role of the budget and budgetary control

Enter differences between the organizations in the text boxes inside the circle for each organization and similarities where the diagram overlaps. Adjust the size of each text box and add or remove text boxes, as needed.

GASB FASB

Ex; no defined ownership interests ex: defined ownership interests that can be sold, transferred or redeemed or entitle the owner to a share

rremaining resources at liquidation