Question

Explain why the Governmental Accounting Standards Board (GASB) and the Financial Accounting Standards Advisory Board (FASAB) include budgetary comparisons in their concept statements but the Financial Accounting Standards Board (FASB) does not.

Answer 1

Answer:

Please refer the reason in detail below

Explanation:

For state and local government entities, additional standards are promulgated by the Governmental Accounting Standards Board ("GASB") and for the federal government, additional standards are promulgated by the Federal Accounting Standards Advisory Board ("FASAB").

GASB considers budgetary comparisons as an important part of the basic financial statements and financial reporting and therefore include budgetary comparisons in their concept statements