Statement of Governmental Accounting Standards

The Statement of Governmental Accounting Standards (GASB) establishes guidelines and rules for how state and local governments should prepare and present their financial statements. This ensures transparency and consistency in reporting financial information, making it easier for the public, investors, and policymakers to understand the government's financial health. By following these standards, governments can provide accurate and reliable financial reports that reflect their revenues, expenses, and overall financial position, helping stakeholders make informed decisions.