Complete a Venn diagram. 

Identify key differences and similarities between GASB and FASB for elements and processes such as:

·        Organizational purpose or stakeholder 

·        Financial reporting objectives 

·        Financial statement presentation

·        Accounting treatment of revenues and expenses

·        The role of the budget and budgetary control 

Enter differences between the organizations in the text boxes inside the circle for each organization and similarities where the diagram overlaps.

Transcribed Image Text:

GASB Example: No defined ownership interests. Insert text Insert text Insert text Insert text Insert text Insert text Example: Defined ownership interests that can be sold, transferred or redeemed or entitle the owner to a share of remaining resources at liquidation. Insert text Insert text Insert text FASB GASB Example: No defined ownership interests. Insert text Insert text Insert text Insert text Insert text Insert text Example: Defined ownership interests that can be sold, transferred or redeemed or entitle the owner to a share of remaining resources at liquidation. Insert text Insert text Insert text FASB

Answer rating: 100% (QA)

Venn Diagram GASB and FASB Comparison GASB Organizational purpose to establish and maintain a framework for financial reporting that is based on the fundamental principles of accounting and is in conf... View the full answer