Question: This Chapter has set forth several distinguishing several distinguishing features of state and local governments, the federal government, not-for-profit organizations, and businesses. Presently, there are

This Chapter has set forth several distinguishing several distinguishing features of state and local governments, the federal government, not-for-profit organizations, and businesses. Presently, there are separate standard-setting boards for state and local governments (the Gov'tal Accounting Stds Board) and the Federal Government (Federal Accounting Stds Adv Board). Yet, businesses and nongovernmental not-for-profit organizations are both within the purview of a single board. (FASB). How can you justify such a standard-setting arrangement (GASB/FASAB vs FASB)? Aren't the characteristics of state and local governments and the federal govt at least similar to one another as those of not-for-profit organizations and businesses? Aren't the characteristics of not-for-profits more similar to those gov'ts than those of businesses?

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