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The GASB has issued over 50 statements for state and local governments in the United States (Wikipedia, 2008). Organizations that are subject to comply with the GASB are state and local governments. By obeying the statements the GASB has issued, these governments are complying with the standards it has set into place...
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697). Development and improvement of GAAP is an important job. GAAP sets which all publicly traded companies must follow when providing financial statements on its behalf. Failure to comply with the rules and regulations of the FASB also results in disciplinary actions, as well. The FASB’s mission is to “establish and improve the standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information” (Facts About FASB, n...
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