ACCOUNTING AND REPORTING FOR PUBLIC AUTHORITIES THAT ISSUE 2025

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The Governmental Accounting Standards Board (GASB) sets financial accounting and reporting standards, known as Generally Accepted Accounting Principles (GAAP), for state and local government. The Financial Accounting Standards Board (FASB) sets standards for public and private companies and non-profit organizations.
#TitleBased on IPSAS 1 Presentation of Financial Statements IAS 1 IPSAS 2 Cash Flow Statements IAS 7 IPSAS 3 Accounting Policies, Changes in Accounting Estimates and Errors IAS 8 IPSAS 4 The Effects of Changes in Foreign Exchange Rates IAS 2138 more rows
Typically, youll need all four: the income statement, the balance sheet, the statement of cash flow, and the statement of owner equity.
Established in 1984, the Governmental Accounting Standards Board (GASB) is the independent, private- sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP).
Government accounting refers to the process of recording and the management of all financial transactions incurred by the government which includes its income and expenditures. Various governmental accounting systems are used by various public sector entities.
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The GASB establishes accounting and financial reporting standards for U.S. state and local governments that follow generally accepted accounting principles (GAAP).
Governmental Fund Accounting Governmental accounting, also known as government-wide or entity-wide, provides a view of the financial activities and position of the entire government entity. It consolidates the financial information from all funds and accounts into a single set of financial statements.
The Central Accounting Reporting System (CARS) handles accounting and reporting for all federal agencies. The Central Accounting Reporting System (CARS), is the electronic system of record for the governments financial data which provides streamlined agency reporting and supports government-wide standardization.

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