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Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68 June 2015 Amended by various GASBS; 74. Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans June 2015 Amended by various GASBS; 75.
The GASB has issued Statements, Interpretations, Technical Bulletins, Concept Statements and Implementation Guides defining GAAP for state and local governments since 1984. GAAP for the Federal government is defined by the Federal Accounting Standards Advisory Board. In January 2020, GASB appointed Joel Black to succeed David Vaudt as the chair.
GFOA is best known for its "Blue Book", titled Governmental Accounting, Auditing, and Financial Reporting (GAAFR). The GAAFR incorporates all of the guidance of the Governmental Accounting Standards Board (GASB). It offers all of the references necessary to ensure easy access to the underlying authoritative standards.
Governmental Accounting Standards Board (GASB). Created in 1984, the GASB addresses state and local government reporting issues. Its structure is similar to that of the FASB's, and the FASB and GASB are located together and share resources. Federal Accounting Standards Advisory Board (FASAB). Created in 1990, the FASAB addresses federal ...
Government accounting refers to the process of recording and the management of all financial transactions incurred by the government which includes its income and expenditures. Various governmental accounting systems are used by various public sector entities.
An Annual Comprehensive Financial Report (ACFR), formerly called a Comprehensive Annual Financial Report (CAFR)) [1] is a set of U.S. government financial statements comprising the financial report of a state, municipal or other governmental entity that complies with the accounting requirements promulgated by the Governmental Accounting Standards Board (GASB).
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