Which Accounting Standards Board provides standards for the Federal Government?

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Study for the Certified Defense Financial Manager (CDFM) Exam 1. Engage with flashcards and multiple choice questions, with hints and explanations for each query. Prepare confidently for your exam!

Multiple Choice

Which Accounting Standards Board provides standards for the Federal Government?

Explanation:
Accounting standards for government entities are set by different bodies depending on the sector. The federal government uses the Federal Accounting Standards Advisory Board (FASAB), which issues Statements of Federal Accounting Standards (SFFAS) that govern federal financial reporting. FASB develops standards for private-sector, non-governmental entities; GASB handles state and local governments; IFRS and IASB are international standards not specific to the U.S. federal government. So, for the Federal Government, the appropriate standards setter is FASAB.

Accounting standards for government entities are set by different bodies depending on the sector. The federal government uses the Federal Accounting Standards Advisory Board (FASAB), which issues Statements of Federal Accounting Standards (SFFAS) that govern federal financial reporting. FASB develops standards for private-sector, non-governmental entities; GASB handles state and local governments; IFRS and IASB are international standards not specific to the U.S. federal government. So, for the Federal Government, the appropriate standards setter is FASAB.

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