Question

Who is the rule-making body for GOVERNMENT entities?

A) FASB (Financial Accounting Standards Board)
B) GASB (Governmental Accounting Standards Board)
C) IASB (International Accounting Standards Board)
D) SEC (U.S. Securities and Exchange Commission)

Answer 1

The rule-making body for government entities is the GASB (Governmental Accounting Standards Board), which sets accounting and financial reporting standards for state and local governments.

Step-by-step explanation:

The rule-making body for GOVERNMENT entities is B) GASB (Governmental Accounting Standards Board). The GASB is responsible for establishing accounting and financial reporting standards for state and local governments in the United States.

In contrast to the GASB, the FASB (Financial Accounting Standards Board) deals with the private sector, the IASB (International Accounting Standards Board) sets standards at the international level, and the SEC (U.S. Securities and Exchange Commission) is a federal agency that oversees and enforces securities laws.