Which of the following bodies was created to deal with municipal accounting issues?
A)GASB
B)FASB
C)FAF
D)EITF

Question

Quizplus · Accepted Answer

The Governmental Accounting Standards Board (GASB) was created to establish and improve accounting standards for state and local governments in the United States. Municipal accounting issues fall under the jurisdiction of the GASB. The Financial Accounting Standards Board (FASB) deals with accounting standards issues for the private sector, while the Financial Accounting Foundation (FAF) oversees the activities of the FASB and the GASB. The Emerging Issues Task Force (EITF) is a subset of the FASB and provides guidance on emerging accounting issues.

Which of the Following Bodies Was Created to Deal with Municipal