The Financial Accounting Standards Board has authority to establish accounting and financial reporting standards for both private and state universities.

Question

Quizplus · Accepted Answer

Accounting and financial reporting standards for profit-seeking businesses and for nongovernmental not-for-profit organizations are set by the FASB which includes private universities. The GASB sets standards for governmentally related not-for-profits organizations such as colleges and universities.

The Financial Accounting Standards Board Has Authority to Establish Accounting