GASB and FASB Analysis Paper

GASB and FASB Analysis Paper - G ASB and FASB Analysis...

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GASB and FASB Analysis Paper 1 GASB and FASB Analysis Paper Christine Thompson University of Phoenix ACC/460
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GASB and FASB Analysis Paper 2 Institutions both public and independent had followed equally comparable reporting models and financial statements up until 1997. It was at this time that independent institutions such as colleges and universities were required to continue using the not-for profit guides that had initiated back in 1973 by the AICPA. The College and University Audit Guide established the groundwork for fund based reporting along with FASB 117. It was in 1984 that GASB was formed to be used by all government organizations excluding the federal government. With so many standards and rules, better transparency is needed so that investors, taxpayers, and common readers of financial statements may have a better understanding. But each standards board has different objectives that the rules and requirements are based upon.
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