As the need for new accounting guidelines arise, accounting oversight organizations work around the clock to craft rules that address the grumbles of the people; the gaps in the current standing principles that need to be addressed. One of these organizations is GASB, or the Governmental Accounting Standards Board. They develop standards in financial accounting and reporting that foster financial visibility and clarity.
The Governmental Accounting Standards Board, or GASB, was established in 1972 in order to create accounting and reporting standards that foster visibility and clarity in finance reporting for governmental entities. The principles GASB creates are honored by state and local governments in the US, along with other municipal entities like airports, and seek to keep businesses and governments accountable (literally) to the benefit of taxpayers, public officials, and investors.
