Question

No Spacing Heading1 Heading 2 Where in the codification can you find guidance for each topic below: 1. Fund Accounting. 2. Budgetary Comparison Schedule. 3. Supplementary Information. 4. Comprehensive Annual Financial Report (CAFR). 5. Reporting Capital Assets. Part 2 Prepare a written report citing GASB's historical origin and mission, the standard-setting process, board composition, and the role of the Governmental Accounting Standards Advisory Council (15 pts). sure to discuss its application and importance to the accounting profession and any additional insights you have gained from this research (5 pts). and Financial Reporting Standards? You were able to access the site for free in part 1 beca Codification site (5 pts)? conclusion (5 pts) .Can you tell how to obtain a copy of the most recent Codification of Governmental Accounting use . For the discussion portion of this assignment be sure to construct an introduction, body and . As always the use of proper grammar and spelling is anticipated (5 pts)

Answer 1

Topic	Guidance Codification
Fund Accounting	Section 1300
Budgetary Comparison Schedule	Section 1700
Supplementary Information	Section 1800
Comprehansive Annual Financial Report (CAFR)	Section 2200
Reporting Capital Assets	Statement no 34 and 51

Governmental Accounting Standards Board (GASB)

The GASB Established in 1984 as an independent private-sector organization. It’s based in Norwalk, Connecticut. GASB establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP).

Mission of Governmental Accounting Standards Board (GASB)

The mission of the GASB is to establish and improve financial accounting and reporting standards to provide useful information to investors and other users of financial reports and educate stakeholders on how to most effectively understand and implement those standards.

Standard Setting Process of Governmental Accounting Standards Board (GASB)

The GASB follows below mentioned steps for setting its standards.

1. Identify Topic.
2. Conduct Pre-agenda Research.
3. Make Agenda Decision.
4. Deliberate at public meeting.
5. Issue document for public comment.
6. Host Public hearings.
7. Re- Deliberate based on Comments.
8. Issue Final Standard.
9. Education.
10. Implementation.

Board Composition of Governmental Accounting Standards Board (GASB)

The board of GASB comprises of seven members including a chairman and a vice chairman. The Board members are appointed by the FAF Board of Trustees for a period of generally 5 years. However their term can be extended up to 10 years. The chairman of the board serves full-time. And the vice chairman and the remaining five members serve on a part-time basis. GASB members are required to have knowledge of governmental accounting and finance and a concern for the public interest in matters of accounting and financial reporting.

Governmental Accounting Standards Advisory Council (GASAC)

The Governmental Accounting Standards Advisory Council (GASAC) is responsible for consulting with the Government Accounting Standards Board (GASB) on technical issues on the board's agenda, project priorities, matters likely to require the attention of the GASB, selection and organization of task forces, and such other matters as may be requested by the GASB or its chairman. The GASAC also is responsible for helping to develop the GASB's annual budget and aiding the Financial Accounting Foundation in raising funds for the Board.