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The Federal Accounting Standards Advisory Board

Which organization provides the accounting standards for the United States government to follow in the preparation of its consolidated financial statements? FASB? GASB? No, the standards established for this purpose are those promulgated by the FASAB (The Federal Accounting Standards Advisory Board). The Government Management Reform Act of 1994 established the foundation for the preparation and audit of consolidated financial statements for the United States Government. In recognition of the unique nature of the United States Government, it was decided that a unique set of accounting standards should be developed for its financial statements. The Secretary of the Treasury, the director of ...

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