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GAAP vs GAS by Eric Curt's Epicurus gmail.com www.ericcurts.com twitter.com/ericcurts plus.google.com/+EricCurts1 This slideshow is licensed under a Creative Commons Attribution Noncommercial 3.0

How to fill out gaap vs gasb

How to fill out gaap vs gasb

1. To fill out GAAP vs GASB, follow the steps below:
2. Understand the difference between GAAP and GASB: GAAP stands for Generally Accepted Accounting Principles, which are a set of accounting standards used by public companies in the United States. GASB stands for Governmental Accounting Standards Board, which sets accounting standards for state and local governments.
3. Identify the reporting entity: Determine whether the organization falls under the jurisdiction of GAAP or GASB. Public companies typically follow GAAP, while state and local governments follow GASB.
4. Familiarize yourself with the relevant standards: Review the specific GAAP or GASB guidelines applicable to the reporting entity. This may include standards on financial reporting, revenue recognition, leasing, and more.
5. Gather necessary financial information: Collect all the required financial data for the reporting period. This may include income statements, balance sheets, cash flow statements, and supporting documentation.
6. Apply the appropriate guidelines: Use the GAAP or GASB standards to fill out the financial statements and reports accurately. Ensure compliance with all relevant guidelines, including disclosure requirements and presentation formats.
7. Review and reconcile the financials: Double-check the accuracy of the filled-out financial statements and reports. Reconcile any discrepancies and make necessary adjustments.
8. Obtain external audit or review: Depending on the reporting entity and requirements, engage a certified public accountant (CPA) to perform an audit or review of the financial statements to ensure compliance and accuracy.
9. Submit the filled-out financials: File the completed financial statements and reports with the appropriate regulatory bodies or stakeholders within the specified timelines.
10. Stay updated: Keep track of any changes or updates to GAAP or GASB standards to ensure ongoing compliance in future reporting periods.
11. Note: It is advisable to consult with accounting professionals or experts in GAAP or GASB when filling out these guidelines to ensure accuracy and adherence to the applicable standards.

Who needs gaap vs gasb?

1. GAAP vs GASB is needed by organizations and entities involved in financial reporting and accounting. Specifically:
2. - Publicly traded companies in the United States are required to follow GAAP guidelines for financial reporting.
3. - Non-publicly traded companies may choose to follow GAAP voluntarily to enhance credibility and transparency in their financial statements.
4. - State and local governmental entities in the United States are required to adhere to GASB standards for financial reporting.
5. - Educational institutions, healthcare organizations, and nonprofit entities often follow GAAP or GASB depending on their legal structure and reporting requirements.
6. - Accounting professionals, auditors, and consultants need to understand GAAP vs GASB to provide accurate guidance and assistance to their clients or employers.

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What is gaap vs gasb?

GAAP stands for Generally Accepted Accounting Principles, which are a set of accounting standards and principles used in the United States. GASB stands for Governmental Accounting Standards Board, which establishes accounting and financial reporting standards for state and local governments.

Who is required to file gaap vs gasb?

Entities that follow GAAP include publicly traded companies, private companies, and nonprofit organizations. Entities that follow GASB include state and local governments, including school districts and municipal authorities.

How to fill out gaap vs gasb?

Filling out GAAP financial statements involves following the accounting standards set by the Financial Accounting Standards Board (FASB). GASB financial statements involve following the standards set by the Governmental Accounting Standards Board.

What is the purpose of gaap vs gasb?

The purpose of GAAP is to ensure transparency and consistency in financial reporting for a wide range of entities. GASB sets accounting and financial reporting standards to meet the specific needs of state and local governments.

What information must be reported on gaap vs gasb?

Both GAAP and GASB require the reporting of financial information such as assets, liabilities, revenues, and expenses. However, GASB standards may include additional requirements specific to governmental entities.