GASB Concepts Statements

GASB Concepts Statements are guidelines developed by the Governmental Accounting Standards Board (GASB) to shape how governments report their financial activities. They establish the foundational principles and objectives for accounting and financial reporting, ensuring transparency, consistency, and accountability in public finances. These concepts help government entities communicate their financial health and activities effectively to stakeholders, such as taxpayers and policymakers, ultimately promoting trust and informed decision-making in public resource management.