What does GASB stand for?

The correct answer is the Government Accounting Standards Board. GASB is a critical organization responsible for establishing and improving standards of state and local governmental accounting and financial reporting. This organization plays a vital role in ensuring transparency, accountability, and consistency in the financial practices of government entities.

Understanding what GASB does is essential for those involved in governmental financial management. It sets guidelines that help financial statements accurately represent the financial position and results of operations of governmental entities, which is fundamental for stakeholders who rely on this information for decision-making.