GASB

Business & Finance abbreviation · Accounting

GASB stands for Governmental Accounting Standards Board, an accounting abbreviation.

Independent organization that sets accounting and financial reporting standards for US state and local governments, such as cities, counties, school districts and public universities. Its statements make up GAAP for these governments.

Example: Under GASB 68, the city now reports its net pension liability directly on its balance sheet.

Usage notes

Pronounced "GAZZ-bee." Established in 1984 and overseen by the Financial Accounting Foundation, like FASB. GASB statements are numbered sequentially; GASB 34 (1999) introduced government-wide financial statements. Federal agencies follow a separate standard-setter, the Federal Accounting Standards Advisory Board (FASAB).

Related abbreviations

More accounting abbreviations

• FV – Fair value
• FY – Fiscal year
• FYE – Fiscal year-end
• G&A – General and administrative expenses
• GAAP – Generally accepted accounting principles
• GAAS – Generally accepted auditing standards
• GL – General ledger
• GM – Gross margin
• GP – Gross profit
• GRN – Goods received note
• H1 – First half
• H2 – Second half

See all 95 accounting abbreviations →

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