European Financial and Accounting Journal 2010, 5(2):71-81 | DOI: 10.18267/j.efaj.50

Accounting Standards for the Public and Non-profit Organization in the USA

Jana Ištvánfyová1, Ladislav Mejzlík2
1 Dr. Ing. Jana Ištvánfyová - senior lecturer, Department of Financial Accounting and Auditing, Faculty of Finance and Accounting, University of Economics Prague, Winston Churchill Sq 4, 130 00 Prague 3, Czech Republic; <istvanfy@vse.cz>.
2 Doc. Ing. Ladislav Mejzlík, Ph.D. - head of Department of Financial Accounting and Auditing, Faculty of Finance and Accounting, University of Economics Prague, Winston Churchill Sq 4, 130 00 Prague 3, Czech Republic; <lmejzlik@vse.cz>.

Governmental accounting in the US has undergone significant changes and with it the complexities of preparing financial statements for governmental entities increased. The GASB, Governmental Accounting Standards Board establishes the rules for reporting financial information for non-profit and public entities. The most important objective of governmental accounting and financial reporting is accountability. The GAAP hierarchy for governments consists of four levels, each having a varied degree of authority.

Keywords: Financial reporting, GAAP, GASB, Governmental accounting standards board, Not-for-profit organizations, Public sector
JEL classification: M40

Published: June 1, 2010  Show citation

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Ištvánfyová, J., & Mejzlík, L. (2010). Accounting Standards for the Public and Non-profit Organization in the USA. European Financial and Accounting Journal5(2), 71-81. doi: 10.18267/j.efaj.50
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References

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