Comparing (FASB) Financial Accounting Standands Board vs. GASB Research Paper

Comparing (FASB) Financial Accounting Standands Board vs. GASB (Governmental Accounting Standards Board) - Research Paper Example ard is an autonomous body that works for the establishment and improvement of the financial reporting and accounting standards for the United States of America and its local governments. It was founded in 1984 through the agreement of Financial Accounting Foundation (FAF) along with other 10 national organizations as well as local government. It is recognized by the accounting industry and the government alike for being the source of Generally Accepted Accounting Principles (GAAP) for the local and federal government. (Board, 2010) It brings in to use the useful information for decision making for users of government while and issues communications and standards for guidance. Some of the government users of its information and standards are: Furthermore, the GASB provides services to educate the people involved in preparation of the financial statements, auditors and other users of the financial statements regarding the government requirements to be presented in the financial statements. The Governmental Accounting Standards Advisory Council also advices the GASB which constitutes of a group of 30-members that are chosen by the Financial Accounting Foundation Trustees which are characterize a variety of the GASB’s elements. Managerial costing must apply a foundation of recognition, accounting and calculation concepts as suitable for the purpose that it is intended. The information pertaining to costing which is build up for diverse purposes must be extracted from a source that is common and reports of the production must be reconcilable to one another. The costs of a particular item may be accounted for in different manner and can be analyzed and reported in different ways. The cost accounting principles suggest that managerial cost accounting must supply costing information utilizing a basis of recognition and measurement which is suitable for the intentional application of the information. In case when the cost and managerial cost accounting is employed