Q1
Discuss some of the major differences between GASB and FASB when it comes to setting accounting standards.
Q2
Class, I have attached illustration 1-2 to facilitate our discussion. How does this illustration relate to the differences between GASB and FASB? Not just the organization itself, but GASB and FASB literature.
Q3
Why are there major differences between governmental accounting systems vs. business accounting systems?
In both discussions already this week it has been mentioned
that taxes are the major source of revenue for governmental entities. I believe
this requires governmental entities to have a greater level of accountability
than for profit entities. Taxpayers (legally) cannot choose whether or not to
pay taxes. Shareholders have a choice of whether or not to invest in a
corporation. Class, your thoughts?
