Government Accounting Standards Board (GASB)
Definition of GASB
Government Accounting Standards Board (GASB) is an organization that aims at improving and creating accounting and reporting related standards or GAAP. These principles/standards allow users to use and understand finance related records of both local and state governments. The GASB receives fund from Financial Accounting Foundation, which is also responsible for monitoring GASB’s activities. Both the local and state governments practice the standards formulated by the Government Accounting Standards Board.
History of GASB
The Government Accounting Standards Board was incepted in the year 1984 to set up GAAP (Generally Accepted Accounting Principles) for local and state government organizations. The standards created by GASB are used in the form of a guide for preparing external finance related reports for those very organizations. The standards of Government Accounting Standards Board cannot be enforced by federal law. However, some states enforce compliance with its (GASB’s) standards via their own (state’s) laws. GASB also gets funds from the contributions made by the local and state governments, municipal community and also by selling the publications issued by them.
How GASB Members are appointed?
The appointment of the board members of the Government Accounting Standards Board is done by the Financial Accounting Foundation’s trustees. The members are appointed for a term of at least five years and they may provide their services up to 10 years. While the chairman has to offer services on a full-time basis, the other six members who are appointed along with the chairman serve on half-time basis. The members of the Government Accounting Standards Board are expected to have sufficient knowledge regarding governmental finance and accounting and they should also be concerned about issues pertaining to financial and accounting reporting, in the interest of the public.
Members of GASB
The present GASB team members comprise of highly knowledgeable and experienced professionals from the government, accounting and auditing industry.
While Robert H. Attmore, who has also served the state of New York for over twenty three years as the deputy state comptroller as well state auditor, serves as the Chairman of the Government Accounting Standards Board, the other members of the board include, James E. Brown, William W. Fish, Michael H. Granof, David E. Sundstrom, Jan I. Sylvis and Marcia L. Taylor.