This chapter has set forth several distinguishing features of state and local governments, the federal government, not for prot organizations, and businesses Presently there are separate standard setting boards for state and local governments (the Governmental Accounting Standards Board) and the federal government (the Federal Accounting Standards Advisory Board) Yet businesses and nongovernmental not for prot organizations are both within the purview of a single board (the Financial Accounting Standards Board) How can you justify such a standard setting arrangement Arent the characteristics of state and local governments and the federal government at least as similar to one another as those of not for prot organizations and businesses Arent the characteristics of not for prots more similar to those of governments than to those of businesses

Question: This chapter has set forth several distinguishing features of state and local governments, the federal government, not-for-prot organizations, and businesses. Presently there are separate standard-setting

This chapter has set forth 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 Governmental Accounting Standards Board) and the federal government (the Federal Accounting Standards Advisory Board). Yet businesses and nongovernmental not-for-proﬁt organizations are both within the purview of a single board (the Financial Accounting Standards Board). How can you justify such a standard-setting arrangement? Aren’t the characteristics of state and local governments and the federal government at least as 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 of governments than to those of businesses?

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