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Sample Essay

The GAAP rules and guidelines provide that the Government Agencies and government run/ administered entities have to be audited as well. The Governmental Accounting Standards Board also known as the GASB is responsible for setting the GAAP accounting principles for businesses that are owned and run by the local government or the state.

Moreover in the United States the Federal Accounting Standards Advisory Board or the FASAB deals with the establishment of accounting standards and guidelines for the federal government based business operations and entities. “The AICPA Council designated FASAB as the body that establishes accounting principles for federal entities. The AICPA’s hierarchy of generally accepted accounting principles in Statement of Auditing Standards (SAS) No. 91, The Federal GAAP Hierarchy, governs what constitutes GAAP for U.S. government reporting entities. The hierarchy lists the priority sequence of sources that an entity should look to for accounting and reporting guidance.” (Generally Accepted Accounting Principles)

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