What is a GASB 68 report?
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What is a GASB 68 report?
Your GASB 68 Report provides you with the information you need to complete your audited financial statement. This report is available each May when you sign into your employer account on this website.
What is the difference between GASB and FASB?
FASB standards, on one hand, are created by the Financial Accounting Standards Board (FASB) and they apply to all public companies. GASB standards, on the other hand, are created by the Governmental Accounting Standards Board (GASB) and they apply to state and local governments.
What are the three categories of funds?
There are three major types of funds. These types are governmental, proprietary, and fiduciary.
What funds are reported in government-wide financial statements?
Governmental Fund Financial Statements. Governmental fund financial statements (including financial statements for the general, special revenue, capital projects, debt service, and permanent funds) should be prepared using the current financial resources measurement focus and the modified accrual basis of accounting.
Do nonprofits follow FASB or GASB?
The GASB defines three different reporting methods for government accounting. The FASB is intended for “investors and others who use financial reports,” essentially any public, private, or nonprofit organization or business. Unlike the GASB, the FASB defines only one method of reporting for nonprofit accounting.
Does GASB follow GAAP?
Established in 1984, the Governmental Accounting Standards Board (GASB) is the independent, private- sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP).
Which of the following disclosures of pension plan information would not normally be required?
Which of the following disclosures of pension plan information would not normally be required? The amount of prior service cost changed or credited in previous years.
