Analysis of Governmental and Financial Accounting Standards

Desklib provides past papers and solved assignments for students. This discussion post compares GASB and FASB.

FINANCE DISCUSSION
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Table of Contents
Introduction......................................................................................................................................3
Question1.....................................................................................................................................4
Question2.....................................................................................................................................5
Comments....................................................................................................................................6
Conclusion.......................................................................................................................................7
References........................................................................................................................................8
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Introduction
The factors include providing the financial reporting and accounting standards and application
and evaluation by the authority to evaluate the aspects.
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Question1.
Governmental accounting standard board was being established during the year 1985, and
GASB’s mission is to establishing accounting and financial reporting standards. The authority is
sanctioned by government and AICPA. GASB’s setting out the highest quality standards by
considering a comprehensive process. GASB board currently consists of seven members and this
includes chairman and vice chairman also. The members of the board are requiring to be
appointed by the FAF Board. There is another authority government accounting standards
advisory council. The role of GASAC is to guide and advice the GASB for the issues which are
currently on the board’s agenda. If there are no resources to enrollment in MACC 508, there is a
cost for acquisition or purchasing the publication and the cost will be $126. The codification of
government accounting and financial reporting standards consist the guidance to comply with the
necessary aspects of accounting standards. (Kim, 2017)
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Question2.
Financial accounting standard board is an independent entity operated in the private sector and a
non-profit organization. The board establishes standards for both public and private companies
and also for non-profit entities consider standards as per GAAP. The mission of FASB is to
establish and improve financial and accounting reporting standards to provide useful information
to investors and also providing the knowledge to educate stakeholders. The FASB board has
seven members that serve full-time dedication to provide qualified aspects. The organization
represented on accounting and auditing policy committee represents the department of treasury,
government accountability office and the office of management and budget. MACC 508 does not
provide any access code to the FASB codification but it provides the free account for access.
Topics covered by section 958, consists to cover topics like financially interrelated entities, split-
interest agreements, derivatives hedging etc. student can find these by FASB accounting standard
coding website. (Zeff, 2018)
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Comments
The various comments consider covering the aspects and efforts provided by the board in respect
to distinguishing characteristics of government and non-profit organization and covers the areas
and functions of accounting standards and requirements to operate with the concern of financial
accounting standard board. The aspects are to compliance function to cover the basic principles
and operations of accounting and it seems to allocate the resources through the governmental
operations. Coding standards provide the guidance to cover up the aspects of a factor of analysis
and require evaluating and updating the accounting and reporting standards. Thus require
compliance and evolve function.
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Conclusion
Concept cover the analysis provides to comply with the accounting board and provide the
knowledge for compliance with the principles of reporting the analytical review.
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References
 Kim, Y., 2017. A Study on Rational Indirect Cost Allocation in Governmental
Accounting. Korean Governmental Accounting Review, 15(1), pp.21-49.
 Zeff, S., 2018. The Early Years of the Financial Accounting Foundation and the Financial
Accounting Standards Board, 1972 to 1980: The "Special Relationship" with the
AICPA. Journal of Financial Reporting.
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