Respond to the following questions / prompts. Your TOTAL response for all four sections should not exceed two typewritten pages (double spaced). Thus, you should submit a total of two pages for this assignment, NOT eight pages.
Which standard-setting bodies have responsibility for establishing accounting and reporting standards for (a) state and local governments, (b) business organizations, (c) not-for-profit organizations, and (d) the federal government and its agencies and departments?
GASB Concepts Statement No. 1, “Objectives of Financial Reporting,” states that “Accountability is the cornerstone of all financial reporting in government.” FASB Statements of Financial Accounting Concepts Statement No. 8, “Conceptual Framework for Financial Reporting,” states that “The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors. Lenders, and other creditors in making decisions about providing resources to the entity.” However, the FASB has acknowledged through Statement of Financial Accounting Concepts No. 4, “Objectives of Financial Reporting by Nonbusiness Organizations,” that users of business and not-for-profit entities differ.
Required: Compare the financial reporting needs of the resource providers of government/ not-for-profit organizations to the financial reporting needs of the resource providers of for-profit organizations.
How is the FASB funded? How is the GASB funded? For reference you may use the video entitled, “FAF FASB GASB: How we’re funded” found at the following link. (https://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176156828276
(Links to an external site.)
). Note: You will need to scroll through the list of videos to find it.
In establishing financial accounting standards, two basic premises of the FASB are (1) The FASB should be responsive to the needs and viewpoints of the entire economic community, not just the accounting profession. (2) It should operate in full view of the public through a “due process” system that gives interested persons ample opportunity to make their views known. To ensure achievement of these goals, what steps does the FASB follow in the development of a typical FASB standard? How do these steps differ from the GASB?
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