Identify the accounting standard setting bodies for U.S. commercial, private not-for-profits, public not-for-profits, state and local governments, and the federal government.
What will be an ideal response?
Commercial enterprises: The Financial Accounting Standards Board establishes accounting principles for all commercial enterprises in the U.S.
Private Not-for-profits: The Financial Accounting Standards Board establishes accounting principles for all Private Not-for-Profits in the U.S.
Public Not-for-profits: The Governmental Accounting Standards Board establishes accounting principles for all governmentally related not-for-profit organizations in the U.S.
State and Local Governments: The Governmental Accounting Standards Board establishes accounting principles for all U.S. state and local governments.
Federal government: The Federal Accounting Standards Advisory Board establishes accounting principles for the federal government and its agencies.
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