GASB’s Authority • Has no authority to require compliance with any of its standards. GAAP is not a regulation. • Governmental entity must follow GASB standards to conform with generally accepted accounting principles (GAAP) and receive a “clean” audit opinion. • Other bond covenants, state law, local ordinances, grantor agencies, etc., may require compliance with GAAP.
GASB BoardMembers and Director of Research and Technical Activities
www.gasb.org They set your accounting standards!
BlueBird CPAs
16
Made with FlippingBook - Online Brochure Maker