Running Head: GASB Statement â€“Financial Reporting Entity
ACC 380 GASB Statement- Financial Reporting Entity
GASB Statement 2
GASB Statement- Financial Reporting Entity GASB stands for Governmental Accounting Standards Board which is setting accounting and financial reporting standards for state and local governments. Moreover, it is also related non-profit organization, for example schools and libraries that control by governments. GASB has so many kinds of information and resource such as financial reporting entity which was published in March 2011- GASB statement concludes review of standards defining the financial reporting entity. This statement is reexamined of Statement 14 and improved its effectiveness. What is definition of Statement No.14? The Financial Reporting Entity is the scope of governmentsâ€™ activities covered in external financial statements. It is also provided the guidance using to determine what legally separateentities- component units. The definition of component units is legally separate organizations for which the elected officials of the primary government are financially accountable (Copley, P.A. (2011)).
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GASB Statement 3