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Governmental Accounting Standards Board

The Governmental Accounting Standards Board (GASB) is an independent organization that was created by the Financial Accounting Foundation in 1984. The primary role of GASB is to create and update accounting standards and financial reporting mechanisms for state and local governments, including local school districts and higher education. GASB is recognized as the authoritative source of generally accepted accounting principles for state and local governments. GASB is not a government entity. Rather, it is a part of the Financial Accounting Foundation, a not-for-profit organization, and as such, GASB lacks any authority to enforce the accounting standards it establishes. However, given the near universal acceptance of the GASB standards, the requirement on state and local governments to adhere to these standards is codified in some state ...

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