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ACC 380GASB Statement- Financial Reporting EntityGASB Statement- Financial Reporting EntityGASB stands for Governmental Accounting Standards Board which is setting accounting and financial reporting standards for state and local governments. Moreover, it is also related non-profit organization, for example schools and libraries that control by governments. GASB has so many kinds of information and resource such as financial reporting entity which was published in March 2011- GASB statement concludes review of standards defining the financial reporting entity. This statement is reexamined of Statement 14 and improved its effectiveness. What is definition of Statement No.14? The Financial Reporting Entity is the scope of governments activities covered in external financial statements. It is also provided the guidance using to determine what legally separateentities- component units. The definition of component units is legally separate organizations for which the elected officials of the primary government are financially accountable (Copley, P.A.(2011)). Component units are the nature of organization or significance of the relationship which excludes in a governments financial statement would cause a misleading. This is the importance of component units how it should be identified in financial statement. The financial reports should state detail about its information without misleading. In this statement concludes review of standards

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