Review Ch. 1. Case 1-14, Research Case-GASB.
Research CaseâComparing Financial Reporting Objectives. GASB Concepts Statement No. 1, âObjectives of Financial Reporting,â states that âAccountability is the cornerstone of all financial reporting in government.â FASB Statements of Financial Accounting Concepts Statement No. 8, âConceptual Framework for Financial Reporting,â states that âThe objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders, and other creditors in making decisions about providing resources to the entity.â However, the FASB has acknowledged through Statement of Financial Accounting Concepts No. 4, âObjectives of Financial Reporting by Nonbusiness Organizations,â that users of business and not-for-profit entities differ.
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