GASB (Governmental Accounting Standards Board)

The Governmental Accounting Standards Board (GASB) is an organization that develops and sets the rules for how state and local governments must record and report their financial information. Its goal is to ensure transparency, consistency, and accountability in public sector financial reporting. By establishing these standards, GASB helps taxpayers, officials, and investors understand the financial health of government entities, making it easier to compare and evaluate their fiscal practices. Essentially, GASB provides a framework that guides governments in accurately presenting their financial position and performance to the public.