When was the Government Accounting Standards Board (GASB) established?

The Governmental Accounting Standards Board (GASB) was established in 1984 to create accounting standards for state and local governments in the United States. The formation of GASB was essential in providing guidance on the financial reporting and accounting practices specific to governmental entities, which differ from those of the private sector due to unique regulations, funding sources, and accountability requirements. Its establishment was a significant development, as it helped ensure greater transparency and consistency in governmental financial reporting, ultimately enhancing the decision-making process for stakeholders such as citizens, investors, and policymakers.