What does the Federal Accounting Standards Advisory Board (FASAB) establish?

The Federal Accounting Standards Advisory Board (FASAB) is responsible for establishing generally accepted accounting principles (GAAP) specifically for federal government entities. This includes the development and issuance of standards that guide how federal agencies prepare their financial statements and report financial information, ensuring transparency, consistency, and accountability in federal financial reporting. FASAB's role is crucial in maintaining the integrity of financial data that informs stakeholders about the financial position and performance of government entities.

The other options refer to different regulatory bodies or frameworks. Tax regulations for businesses are typically established by the Internal Revenue Service (IRS), investment guidelines for public funds are set by various financial regulatory authorities or boards that oversee public fund management, and auditing standards for private companies are generally issued by organizations such as the Financial Accounting Standards Board (FASB) or the American Institute of Certified Public Accountants (AICPA). Each of these areas focuses on distinct sectors and does not encompass the responsibilities of FASAB.