There are three accounting standard setting bodies

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There are three accounting standard setting bodies
There are three accounting standard setting bodies for U.S. commercial, private not-for-pro…

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There are three accounting standard setting bodies

There are three accounting standard setting bodies

There are three accounting standard setting bodies for U.S. commercial, private not-for-profit, state and local governments, and for the federal government. Those three are the Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), and the Federal Accounting Standards Advisory Board (FASAB). For this question, please focus just on the Federal Accounting Standards Advisory Board (FASAB). Explain first what organizations and/or entities should follow the guidance issued by the FASAB. Second, explain briefly how the FASB establishes standards for those organizations and/or entities. Third, discuss briefly the interplay of the American Institute of Certified Public Accountants (AICPA) with the FASAB.