Governmental Accounting Standards Board (GASB)

The Governmental Accounting Standards Board (GASB) is an independent organization that establishes accounting and financial reporting standards for U.S. state and local governments. Its purpose is to ensure transparency and consistency in how public funds are reported and managed, helping stakeholders like taxpayers and policymakers understand government financial health. By providing guidelines for accounting practices, GASB aims to enhance accountability and decision-making in the public sector, allowing governments to communicate their financial condition more clearly.