The authors extend their appreciation to Mr Ken Schermann (Senior Technical Advisor) of the GASB for his assistance in this research. Our appreciation is also extended to the editor, Stewart Jones, and anonymous reviewers for their helpful comments and suggestions.
The First Quarter Century of the GASB (1984–2009): A Perspective on Standard Setting (Part Two)
Version of Record online: 1 JUN 2012
© 2012 The Authors. Abacus© 2012 Accounting Foundation, The University of Sydney
Volume 48, Issue 2, pages 147–198, June 2012
How to Cite
ROYBARK, H. M., COFFMAN, E. N. and PREVITS, G. J. (2012), The First Quarter Century of the GASB (1984–2009): A Perspective on Standard Setting (Part Two). Abacus, 48: 147–198. doi: 10.1111/j.1467-6281.2012.00360.x
- Issue online: 1 JUN 2012
- Version of Record online: 1 JUN 2012
- Government accounting;
- Standard setting
The Governmental Accounting Standards Board (hereafter GASB or Board) was established in April 1984 as the authoritative accounting standard-setting body for state and local governmental entities in the United States. There are over 87,000 state and local entities in the country and for the most part these entities are required to comply with the generally accepted accounting principles established by the GASB; hence, the standards promulgated by the GASB are significant.
On 30 June 2009, the GASB completed its twenty-fifth year of standard setting. Because of the Board's influence and the importance of its mission, an increased understanding of the GASB and its accomplishments during its first 25 years of existence is important.
This is the second of two papers which together provide a complete sequential treatment of the GASB's operational history through the end of its first quarter century. The first part provided an historical perspective about municipal accounting issues from colonial times to 2009 and included appendix materials identifying the composition of the Board and biographical material on key personnel. The first paper concluded with a review of the relationship of other governmental standard setting bodies at the Federal and the International level.
This paper provides an overview of the future challenges faced by the Board and supplies a digest of the standards including appendix and a synoptic summary of the standards the Board has promulgated by topic and by standard number.