Definitions for "Governmental Accounting Standards Board"
The board responsible for issuing accounting standards for state and local governments.
A standard-setting body, associated with the Financial Accounting Foundation and comparable to the Financial Accounting Standards Board.  GASB prescribes standard accounting practices for governmental units in maintaining their financial records and releasing financial data to the public.  Compare:  FINANCIAL ACCOUNTING STANDARDS BOARD.
Establishes and improves accounting and financial reporting standards for government entities.