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Its mission is to establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial reports and guide and educate the public, including issuers, auditors, and users of those financial reports. [3]
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 financial reporting issues.
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.
German Auditor Oversight Commission (in German: APAK) [17] Ireland. Irish Auditing and Accounting Supervisory Authority; United Kingdom. Professional Oversight Team (Financial Reporting Council) United States. Public Company Accounting Oversight Board
The Office of Financial Research (OFR) is an independent bureau reporting to the United States Department of the Treasury. It was established by the Dodd–Frank Wall Street Reform and Consumer Protection Act , whose passage in 2010 was a legislative response to the financial crisis of 2007–08 and the subsequent Great Recession . [ 4 ]
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).
Current financial reporting practice in the public sector is based on various decrees issued by the government, and the current proposal is to migrate directly to the IPSASs from the current basis. The migration process has been initiated by the Ministry of Finance with input from the National Bank.
Current composition of the Financial Oversight and Management Board as of January 2024. In blue, Democratic members of the board. In red, Republicans. Agency overview; Formed: June 30, 2016; 8 years ago () Type: Financial regulatory authorities: Jurisdiction: Federal government of the United States: Agency executive