Definition

GASB

GASB (Governmental Accounting Standards Board) is private not-for-profit organization that seeks to establish and improve the standards of accounting and financial reporting for U.S. state and local governments.

GASB was created in 1984 to establish generally accepted accounting principles (GAAP) for state and local government entities. Its standards guide the preparation of external financial reports of those entities.GASB standards are not enforceable by federal law, although compliance with GASB standards is enforced through the laws of some individual states.

GASB is funded by sales of its own publications as well as from contributions by state and local governments and the municipal bond community.

Related glossary terms: Adaptive Planning (AP), ISAE 3402, e-filing (electronic filing), SWIFT FIN message, performance and accountability reporting (PAR), ISO 20022, X9 (ASC X9), Basel III, EDGAR, statutory reporting

This was last updated in March 2012

Posted by: Margaret Rouse

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