Governmental Accounting Standards Board

The Governmental Accounting Standards Board (GASB) is an independent, private-sector organization based in Norwalk, Connecticut. It is comprised of seven board members appointed by the Financial Accounting Foundation (FAF) Board of Trustees. The GASB employs 96 individuals and generates $37.8 million in annual revenue. The GASB establishes financial accounting and reporting standards for U.S. state and local governments that adhere to Generally Accepted Accounting Principles (GAAP). These standards are recognized as authoritative by state and local governments, state Boards of Accountancy, and the American Institute of CPAs (AICPA). The GASB develops its standards through a transparent and inclusive process aimed at creating financial reporting that provides useful information to a variety of stakeholders, including taxpayers, public officials, and investors. For more information about the GASB and its work, please visit www.gasb.org.