Complete the Venn diagram on page 2.

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. Adjust the size of each text box and add or remove text boxes, as needed.

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Example: No defined ownership interests.

Example: Defined ownership interests that can be sold, transferred or redeemed or entitle the owner to a share of remaining resources at liquidation.

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			FASB
	GASB