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Unformatted text preview: GASB is not a government entity; instead, it is an operating component of the FAF, which is a private sector not-for-profit entity. The standards of GASB are not federal laws or regulations and they do not have to be enforced, but compliance with GASBs standards, however, is enforced through the laws of some individual states and through the audit process, when auditors render opinions on the fairness of financial statement presentations in conformity with GAAP. (GASB, 2011) GASBs mission is to establish and improve standards of state and local governmental accounting and financial reporting that will: 1.Result in useful information for users of financial reports, and 2. Guide and educate the public, including issuers, auditors, and users of those financial reports. (GASB, 2011)...
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- Spring '11