acc411 GASB research questions

acc411 GASB research questions - Fall 2010 Samip Shah ACC...

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Samip Shah ACC 411 – Williams August 26, 2010 GOVERNMENT AND NOT-FOR-PROFIT ACCOUNTING Government Accounting Standards Board Questions From the links menu on my website, go to the GASB’s website at: http://www.gasb.org You will be using the sections “Summaries/Status” and “GASB Facts.” Using the information from this website, answer the questions below. 1. What is the Mission of the GASB? The mission of the GASB is to establish and improve standards state and local governmental accounting and financial reporting that will create useful information for users of financial reports and guide and educate the public, including users, auditors, and users of those financial reports. 2. How many Statements has the GASB issued to date? What is the most recent Statement? The GASB has issued a total of 59 Statements with the most recent issued June of 2010. The most recent statement issued is “Financial Instruments Omnibus”. 3. How many Concept Statements has the GASB issued to date? What is the most recent Concept Statement? The GASB has issued 5 Concept Statements with last Concept issued on November 2008. The most recent Concept Statement is “Service Efforts and Accomplishments Reporting”. This last Concept was an amendment of GASB Concept No. 2. 4. From the Summaries/Status page, go to Concept Statements and then Concept Statement No. 1. Based on the summary of this Concept Statement, who are the three primary users of external state and local government financial reports? From Concept Statement No. 1, the three primary users of external state and local governmental financial reports are citizenry, legislative and oversight bodies, and investors and creditors. 5.
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This note was uploaded on 11/15/2010 for the course ACC 411 taught by Professor Hancock during the Spring '08 term at N.C. State.

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acc411 GASB research questions - Fall 2010 Samip Shah ACC...

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