Identify key differences and similarities between GASB and FASB (Coursework Sample)

GASB and FASB Venn Diagram Worksheet
Complete the Venn diagram on page 2.
Identify key differences and similarities between GASB and FASB for elements and processes such as:
* The organizational purpose or stakeholder
* Financial reporting objectives
* Financial statement presentation
* Accounting treatment of revenues and expenses
* The role of the budget and budgetary control
Enter differences between the organizations in the text boxes inside the circle for each organization and similarities where the diagram overlaps. Adjust the size of each text box and add or remove text boxes, as needed.
Submit your assignment. 3219450-307975GASB and FASB similar objectives, both ratify the concept that financial reporting incorporates information on service effort and activitiesBoth GASB and FASB share objectives of being purposeful in decision making, weigh of views carefully while creating standards, communication standards when cost-effective, introduce changes with minimum disruption and to replace or amend standards in a timely manner.00
GASB and FASB similar objectives, both ratify the concept that financial reporting incorporates information on service effort and activitiesBoth GASB and FASB share objectives of being purposeful in decision making, weigh of views carefully while creating standards, communication standards when cost-effective, introduce changes with minimum disruption and to replace or amend standards in a timely manner.
31718252663825In both GASB and FASB boards have the authority to set financial reporting standards they will help in improving its usefulness to users. In other words, both bodies have established their purposes of financial reporting that focuses on the importance of organizations providing relevant financial information that enable its readers to evaluate and assess inter-period equality and budgetary compliance mandates.GASB and FASB authorities developed accounting standards for non-business00In both GASB and FASB boards have the authority to set financial reporting standards they will help in improving its usefulness to users. In other words, both bodies have established their purposes of financial reporting that focuses on the importance of organizations providing relevant financial information that enable its readers to evaluate and assess inter-period equality and budgetary compliance mandates.
GASB and FASB authorities developed accounting standards for non-business61817254216400Financial statement presentationFASB creates standards for private entities in the united states and GAAP form the basis for a company’s financial statementsFASB offers provision for contribution services recognitionFASB recognizes cash contribution as permanently or temporarily restricted.00Financial statement presentationFASB creates standards for private entities in the united states and GAAP form the basis for a company’s financial statementsFASB offers provision for contribution services recognitionFASB recognizes cash contribution as permanently or temporarily restricted.-7429503273425Financial statement presentationGASB: Creates a basis for financial reporting by governmental entities. GASB requires deferred revenue recognition if the use of the resources is limited to the future period00Financial statement presentationGASB: Creates a basis for financial reporting by governmental entities. GASB requires deferred revenue recognition if the use of the resources is limited to the future period
66389252254250Organization purpose or stakeholderThe FASB is to establish to improve financial accounting and reporting standards.Its aim providing valuable information to stockholders and other users of financial reports.It educates stakeholders on how to most efficiently comprehend and implement the standards.00Organization purpose or stakeholderThe FASB is to establish to improve financial accounting and reporting standards.Its aim providing valuable information to stockholders and other users of financial reports.It educates stakeholders on how to most efficiently comprehend and implement the standards.-5905504292600Accounting treatment of revenue and expensesGASB standards guide revenue recognition for non-exchange transactions in statementsGASB does not have provision for contribution services00Accounting treatment of revenue and expensesGASB standards guide revenue recognition for non-exchange transactions in statementsGASB does not have provision for contribution services6857992759075Organization purpose or stakeholderThe collective mission of the GASB00Organization purpose or stakeholderThe collective mission of the GASBleft-250824Governmental Accounting Standards Board (GASB)Financial reporting objectiveJurisdiction over financial reporting by government entities, in other words, it is the standard-setting body for government entities.Defines three different reporting methods for government accountingGASB standards cash flow statement is categories are investing activities, operational activities, non-capital and other financing activities and capital and other financing activities. GASB standards are more transparency in the eyes of government accountability.00Governmental Accounting Standards Board (GASB)Financial reporting objectiveJurisdiction