Question

Complete the Venn diagram on page 2.

Identify key differences and similarities between GASB and FASB for elements and processes such as:

• Organizational purpose or stakeholder
• Financial reporting objectives
• Financial statement presentation
• Accounting treatment of revenues and expenses
• The role of the budget and budgetary control

Enter differences between the organizations in the text boxes inside the circle for each organization and similarities where the diagram overlaps. Adjust the size of each text box and add or remove text boxes, as needed.

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Example: No defined ownership interests.

Example: Defined ownership interests that can be sold, transferred or redeemed or entitle the owner to a share of remaining resources at liquidation.

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			FASB
	GASB

Answer 1

Answer:- © Summarized the information provided in the question, GASB FASB Financial Repooting objectives: Jutisdiction over Establishes cules for financial reporting by private sector governmental entities 'accounting. (si) Defines 3 different FASB is intended for reporting methods for investors and others government accounting who use financial reports' if defines only one method of reporting. (11) Ooqanisational Puropose: The collective mission of the GASB, the FASB is to establish and impóove financial accounting and reporting standasds to provide useful information to investors and other users of financial repoots and educate stakeholders on how to most effectively understand and implement those standards: FINANCIAL STATEMENT PRESENTATION! FASB creates standards for private entities in the us and GAAP form the basis for a company's financial statements.

custom GASB: Greates basis for financial @ reporting by governmental entities: Accounting treatment of Revenue and Expenses: GASB standaods provides guidance for bevenue recognition for non exchange hoansactions in statements. FASB has been applied through and poactice. The Role of Budget & Budgetaroy controli GASB has issued budgetarry comparison schedule that classifies existing on budgetary comparisions. FASB as the process where budgets are prepaded at the beginning of the accounting period to compare and analyze the actual results at the end of the accounting period. see that both accounting bodies are being established with slightly different process but ultimately going to contribute in the well being of the business entities and stake holders. gurdance we can these arse * Please please kindly Up-vote.