what is the governmental accounting standards board gasb 
the governmental accounting standards board gasb is a private non governmental organization that creates accounting reporting standards or generally accepted accounting principles gaap for state and local governments in the united states understanding the governmental accounting standards board gasb the governmental accounting standards board gasb is an independent non political organization founded in 1984 the board s mission is to promote clear consistent transparent and comparable financial reporting for state and local governments the federal accounting standards board fasb does the same for the federal government taxpayers holders of municipal bonds legislators and oversight bodies rely on this financial information to shape public policy and to invest 1gasb s functionsthe gasb uses an open and independent process that encourages broad participation from all stakeholders it objectively considers and analyzes all their views gasb issued an invitation to comment for public feedback in june 2022 that provided users of government financial statements with critical information about vulnerabilities for risk and disclosure for state and local governments the gasb is led by a seven member board headed by a chair and a vice chair the faf board of trustees appoints board members for five year terms and members serve for up to 10 years the chair serves on the board full time while the vice chair and the remaining five members serve part time gasb members are qualified in governmental accounting and finance and are concerned with public interests in the nation s accounting and financial reporting 1the gasb is subject to oversight by the financial accounting foundation faf board of trustees which selects its board members and by the fasb it funds both the gasb is primarily funded by accounting support fees paid by brokers and dealers who trade in municipal bonds this funding mechanism was established by section 978 of the dodd frank wall street reform and consumer protection act of 2010 23according to the gasb s website the collective mission of the gasb the fasb and the faf 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 1the gasb relies on a variety of intelligence sources when setting its policies the gasb convenes consultative groups and task forces to ensure that diverse opinions are considered consultative groups perform research for agenda items concerning accounting and financial reporting standards task forces are formed to conduct the board s technical projects both groups are important sounding boards to ensure that the gasb makes the best decisions for the taxpayer finance and business communities 