What is the difference between FASB and GASB?

The GASB is one of two boards that establishes GAAP. The other is the Financial Accounting Standards Board (FASB). While the GASB has jurisdiction over financial reporting by governmental entities, the FASB establishes rules for private sector accounting.

Which of the following Fund S will generally be the only fund’s that can report a positive unassigned fund balance?

The general fund
The general fund is the only fund that can report a positive unassigned fund balance. Other funds would report a negative unassigned fund balance should the total of nonspendable, restricted, and committed fund balances exceed the total net resources of that fund.

When should expirations of donor imposed restrictions on a contribution be recognized?

17. A not-for-profit organization shall recognize the expiration of a donor-imposed restriction on a contribution in the period in which the restriction expires. A restriction expires when the stipulated time has elapsed, when the stipulated purpose for which the resource was restricted has been fulfilled, or both.

How is the GASB and FASB similar?

The Governmental Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB) are similar mainly because of their general purpose: to develop, implement and establish standards for accounting and financial reporting processes of organizations.

What are the functions of FASB GASB and Fasab explain?

The collective mission of the FASB, the GASB, 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.

What is FASB 116 and 117?

This Statement requires not-for-profit organizations to distinguish between contributions received that increase permanently restricted net assets, temporarily restricted net assets, and unrestricted net assets.

For which types of organizations is the FASB responsible for establishing accounting and financial reporting standards?

The Financial Accounting Standards Board (FASB) is an independent nonprofit organization responsible for establishing accounting and financial reporting standards for companies and nonprofit organizations in the United States, following generally accepted accounting principles (GAAP).

How does the FASB require not-for-profit organizations to report expenses?

How does the FASB require not-for-profit organizations to report expenses? Natural classification, such as salaries, rent, and supplies. Functional classification, such as program and support. Management has the option of reporting using natural classification or functional classification.

What is the difference between FASB and SEC?

The U.S. Securities and Exchange Commission regulates the financial disclosures and trading operations of public companies, while the Financial Accounting Standards Board determines exactly how those finances should be reported.