In its most common meaning, Governmental Accounting Standards Board or
             GASB for short stands for the group which is authorized by the accounting
             profession and its professionals to actually establish a generally accepted
             set of accounting principles (GAAP) which are applicable to state as well
             as local governmental entities. On the other hand, Financial Accounting
             Standards Board, called FASB in short is the independent, private and non-
             governmental group, which has to its authority the role of accounting
             profession and professionals to undergo the establishment of a generally
             accepted set of accounting principles in the United States. This paper
             discusses the role of GASB and FASB as well as describes their
             relationship, objectives and similarities.
             Governmental Accounting Standards Board (GASB)
             Governmental Accounting Standards Board has the duty to establish
             financial reporting standards for both the state as well as the local
             governments which might include within them states, cities, towns,
             villages, and special-purpose governments such as of school districts and
             not to forget the public utilities and service centers. GASB also plays a
             pivotal role in establishing the fundamental financial statements, which
             are required supplementary information (RSI) for governments that can be
             termed as general purpose. RSI is created so as to make evident that
             whether or not resources are achieved and brought about as well as used in
             the compliance of the government's legally prevalent budget. It should
             embody budgetary comparison schedules for the funds that are deemed general
             and the same should be legally adopted by the annual budget for each
             significant and special revenue fund.
             Financial Accounting Standards Board (FASB)
             The FASB has provided new cartridges for its ...