Under gasb, the term ______ is substantially the same as the fasb term net assets.

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23-08-2022
Social Studies

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Under gasb, the term ______ is substantially the same as the fasb term net assets.

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ahmadfardeen571 ahmadfardeen571 · Answer 1 · 2022-08-26T21:49:44+02:00

Under GASB, the term net position is substantially the same as the FASB term net assets.

Established in 1984, the Governmental Accounting Standards Board (GASB) is an unbiased, personal-area company based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for the U.S. kingdom and nearby governments that observe generally familiar Accounting concepts (GAAP).

FASB standards, on one hand, are created via the economic Accounting Requirements Board (FASB) and they apply to all public companies. GASB requirements, alternatively, are created by using the Governmental Accounting Requirements Board (GASB), and they apply to country and neighborhood governments.

The principles GASB creates are honored by means of each state and nearby government inside the US and are seeking to keep businesses and governments accountable (literally) to the benefit of taxpayers, public officers, and investors. GASB is frequently reported as “Gasbee”, no longer not like the Fitzgerald rich person.

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