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GASB and FASB Analysis

Essay specific features

 

Issue:

Business

 

Written by:

Robert H

 

Date added:

March 24, 2016

 

Level:

University

 

Grade:

A

 

No of pages / words:

3 / 714

 

Was viewed:

8995 times

 

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Essay content:

The chief standard setting body for public financial accounting and reporting in the United States is the Financial Accounting Standards Board (FASB). FASB establishes and improves standards of private financial reporting for the benefit of the data’s end user. These end users may take the form of potential investors, shareholders and creditors...
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However, because governmental organizations must also prepare fiscal outlooks and financial reports the question then becomes, how are the government’s financial success or failure measured and who will set the guidelines for these measurements? FASB answered this question by organizing the Governmental Accounting Standards Board (GASB) in 1984...
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