Public NPOs may elect to follow either solely FASB guidance or solely GASB guidance.

Name: Public NPOs may elect to follow either solely FASB guidance or solely GASB guidance.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Public NPOs (Non-Profit Organizations) must follow FASB (Financial Accounting Standards Board) guidance, while GASB (Governmental Accounting Standards Board) guidance is for governmental entities. They cannot choose solely between the two but must adhere to the standards applicable to their organization type.

Public NPOs May Elect to Follow Either Solely FASB Guidance