Public C&Us have the option of following the guidance in GAS 34 that pertains to special purpose governments.

Question

Quizplus · Accepted Answer

GASB 34 (Governmental Accounting Standards Board Statement No. 34) is designed for general-purpose governments and not specifically for special purpose governments, although some special purpose entities may choose to adopt certain provisions if applicable and beneficial. Public colleges and universities (C&Us) typically follow standards relevant to their operations, which may include GASB standards, but GASB 34's guidance is primarily aimed at general-purpose governmental entities.

Public C&Us Have the Option of Following the Guidance in GAS