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What is the first principle of the GASB?
To be objective and neutral in its decision making.
What is the sixth principle of the GASB?
To review the effects of past decisions for appropriateness.
What is the third principle of the GASB?
To establish standards only when the expected benefits exceed the perceived costs.
What is the fifth principle of the GASB?
To bring about needed changes in ways that minimize disruption of the accounting and financial reporting processes.
What is the fourth principle of the GASB?
To consider the applicability of its standards to the separately issued general-purpose financial statements of governmentally owned special entities.
What is the second method the GASB uses to establish standards?
Keep standards current to reflect changes in the governmental environment.
What is GASB an abbreviation of?
The abbreviation GASB stands for Govermental Accounting Standards Board. The GASB is the generally accepted accounting principles in each state and throughout the United States.
What is the address of the GASB?
The GASB offices are located at 401 Merritt 7, P.O. Box 5116, Norwalk, Connecticut 06856-5116.
What is the second reason behind the GASB's establishment of standards?
(2) guide and educate the public, including issuers, auditors, and users of those financial reports.
How does the Financial Accounting Foundation influence the GASB?
The foundation is responsible for selecting the seven members of GASB and its Advisory Council, funding their activities, and exercising general oversight.
Why does the GASB adhere to a policy of objectivity and neutrality?
Objective and neutral means freedom from bias, precluding GASB from placing any particular interest above the interests of the many who rely on the information contained in financial reports.
What is the third method the GASB uses to establish standards?
Provide guidance on implementation of standards.
