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Article Posted March 26, 2013

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DID YOU KNOW?  New GASB Updates

The Governmental Accounting Standards Board (GASB) is the independent organization that establishes standards of accounting and financial reporting for U.S. state and local governments. The GASB it is an operating component of the Financial Accounting Foundation (FAF), a private sector not-for-profit entity.

Funding for GASB comes from accounting support fees established under the Dodd-Frank Wall Street Reform and Consumer Protection Act and from the sale of publications.  The GASB is recognized by governments, the accounting industry, and the capital markets as the official source of generally accepted accounting principles (GAAP) for state and local governments.

Ben Riden, BOR Associate Vice Chancellor for Fiscal Affairs, prepared a summary of the most recent changes to specific GASB statements and its interpretation that may be applicable to USG institutions, http://www.usg.edu/audit/resources/GASB_summaries.pdf‚Äč

Posted by Ben Riden
Published in: Did You Know

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