FASB/GASB Comparison
For-profit business is driven by profit earnings. Financial statements provide information in relation to that performance. For-profit businesses will prepare reports based on the Financial Accounting Standards Board (FASB). Not-for-profit businesses are not driven by the same motivations and are hold to the Governmental Accounting Standards Board (GASB). Three distinctions set GASB organizations apart. 1) Receipt of significant recourses that are not expecting proportionate repayment or economic benefits. 2) Operations other than to provide goods or services at a profit equivalent. 3) Absence of defined ownership that can be sold, transferred, or redeemed (Wilson and Kattelus, 2002). This paper will briefly discuss some of the objectives, differences, and similarities of FASB and GASB. It will also discuss governmental regulations in the application of standards and reporting requirements.
FASB/GASB Objectives
Organizations that comply with FASB are......

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Title: Fasb - Gasb Comparison
Approximate Word Count: 602
Approximate Pages: 3 (250 words per double-spaced page)

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