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Essay / Research Paper Abstract
This 7-page paper discusses the GASB, its history and its impact on financial reporting. The paper also delves into the organization's potential future. Bibliography lists 6 sources.
Page Count:
7 pages (~225 words per page)
File: D0_MTgasbinfo.rtf
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Unformatted sample text from the term paper:
standards of reporting - there is FASB, IFRS, GAAP and more. But most of these organizations deal with the public entities that are required to report finances.
On the public side, there is the Governmental Accounting Standards Board, or GASB. Founded 25 years ago, the GASB is charged with developing consistent
standards when it comes to financial reporting from state and local governments. Given this rather basic mission, how is it that this organization seems to be generating so much controversy?
One reason this is happening is because things have changed since the boards founding in the 1980s. Another is that the board
is asking for more authority to promote oversight of its standards. In this paper, well examine the GASB, its history and whether its a relic or an important part of
the future. Background The GASB was founded in 1984, with the charge of creating a set of standards as well as a
reporting method for the government accounting profession (Foltin, 2008). Previous to that, not much attention was paid to the need for financial reporting guidelines for government agencies (Foltin, 2008).
The roots of the GASB were actually launched in 1906 as the National Association of Comptrollers and Accounting Officers (Foltin, 2008). The
agency became the International Association of Municipal Finance Officers in 1931, only to become the Municipal Finance Officers Association in 1932, which ultimately became the Government Finance Officers Association, or
GFOA, in 1984 (Foltin, 2008). In the early 1970s, the MFOA, as it was then called, created the National Council on Governmental Accounting (NCGA) (Foltin, 2008). However, the NCGAs part-time
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