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Year when the Governmental Accounting Standards Board (GASB) was organized?Select one:a.1994b.1985c.1983d.1984

Question

Year when the Governmental Accounting Standards Board (GASB) was organized?

Select one:

  • a. 1994
  • b. 1985
  • c. 1983
  • d. 1984
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Solution

The Governmental Accounting Standards Board (GASB) was organized in the year 1984. Therefore, the correct answer to your question is:

d. 1984

GASB is responsible for establishing accounting and financial reporting standards for U.S. state and local governments. The standards set by GASB are crucial as they ensure transparency and accountability in the financial reporting of these government entities. Since its establishment, GASB has created a framework that helps in standardizing financial reporting, which is essential for maintaining the integrity of public resources and ensuring that stakeholders, such as taxpayers, have access to accurate financial information.

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