Overview

The Federal Accounting Standards Advisory Board (FASAB) governs accounting and reporting for federal agencies, while non-profit organizations focus on accountability to donors and the public. Compliance with regulatory frameworks ensures transparency, accountability, and effective financial management in both sectors.

Instructions

Initial Response:

Conduct research into the advancements and improvements in financial reporting for state and local governments.

In your initial post, share at least two scholarly works you found in your research, summarizing the main insights from the articles and reflecting on the changes and increased oversight of government and not for profit accounting standards, highlight the role of any of the relevant bodies i.e GASB (Governmental Accounting Standards Board) for governments and FASB (Financial Accounting Standards Board) for not-for-profits. How do these differences impact financial reporting and accountability in these sectors, and what challenges or opportunities do they pose? Share your findings by discussing these important distinctions.