What does the Governmental Accounting Standards Board (GASB) primarily establish?

The Governmental Accounting Standards Board (GASB) primarily establishes standards for accounting and financial reporting for governmental entities. This includes a comprehensive framework for financial statements and ensures transparency, accountability, and consistency in financial reporting for state and local governments. GASB plays a crucial role in enhancing the financial reporting process, which allows stakeholders, including taxpayers and government officials, to better understand the financial position and operational results of government agencies.

This focus on governmental financial practices distinguishes GASB from organizations that address areas such as educational funding, standardized testing protocols, or technology usage guidelines. Understanding the pivotal role of GASB helps in grasping the importance of accountable and transparent government financial practices, which directly impacts public trust and resource management.