ACC 460 week 1 GASB and FASB Accounting Analysis

May 1st, 2015
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ACC 460 week 1 GASB and FASB Accounting Analysis

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Accounting AnalysisYour nameACC460DateInstructorAccounting Analysis When a person reviews financial statements the format can be different for government and nongovernment businesses. The reason for this is the two types of businesses are regulated by different accounting standard boards, and choose accounting methods to meet their requirements. The Financial Accounting Standard Board (FASB) sets regulations for nongovernment entities and the Government Accounting Standard Board (GASB) is the government entities regulator. They have similarities and differences designed for the type of business they monitor. The financial statements are another area that can be confusing because most businesses will use accrual accounting methods, but government organizations use a modified version. To understand the similarities differences between GASB and FASB the following paragraphs will begin with these and follow up with the reason for the use and the differences in the accrual and modified accrual accounting methods.FASB and GASBFASB and GASB were both established by the Financial Accounting Foundation (FAF) in 1973 and 1984 respectfully. FASB was es

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