This chapter has set forth several distinguishing features of state and local governments, the federal government, not-for-prot

This chapter has set forth several distinguishing features of state and local governments, the federal government, not-for-profit organizations, and businesses.
Presently there are separate standard-setting boards for state and local governments (the Governmental Accounting Standards Board) and the federal government (the Federal Accounting Standards Advisory Board). Yet businesses and nongovernmental not-for-profit organizations are both within the purview of a single board (the Financial Accounting Standards Board). How can you justify such a standard-setting arrangement? Aren’t the characteristics of state and local governments and the federal government at least as similar to one another as those of not-for-profit organizations and businesses? Aren’t the characteristics of not-for-profits more similar to those of governments than to those of businesses?