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Posted: August 19th, 2020
Are rules by FASAB considered GAAP at this point?, assignment help
Question description
Are rules by FASAB considered GAAP at this point? If so, are FASAB rules considered GAAP for state & local governments, federal or non-profit/for-profit entities? If FASAB does not create state/local and for-profit entity rules, which group(s) creates the rules for state/local and for-profit/non-profit entities (list the rules maker for 1) for-profit/not-for-profit, 2) state/local government and 3) federal)? Has FASAB always been a source of GAAP (if FASAB is a source of GAAP), or was there a date at which point FASAB become a source of GAAP? What was the date? Where were rules by FASAB considered before the rules were considered GAAP (if applicable)?
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