Business Finance
Government accounting standards board

Question Description

Visit the website of the Governmental Accounting Standards Board (G.A.S.B (Links to an external site.)Links to an external site..) at http://gasb.org. Review the website to learn about the organization, its act ivies, and its goals.

Review one or more of the “Plain-Language Articles” in the “Education” section of website and prepare a two- to four- page paper formatted according to APA style, summarizing the article or position of the G.A.S.B. as presented in the article, and discussing any implications of the article or position.

Final Answer

Attached.

Running head: GASB

1

GASB Clarifies Difference between Sales and Borrowings
Name
Instructor
Course
Date

2

GASB
GASB Clarifies Difference between Sales and Borrowings
The Governmental Accounting Standards Board also known as the GASB released a
statement to clarify how accountability should be contacted on a number of transactions which

previously had no particular accounting procedures. Therefore GASB provided statement No. 48
to serve as the procedure for accounting for to delinquent property tax receivables or future
tobacco settlement receipts and similar transactions. This statement, therefore, seeks to give the
differences between sales and government borrowings and how to account for such a transaction.
The information is therefore provided to the public as a general procedure on differentiating and
a...

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