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<br /> <br />STANDARD SETTERS <br /> <br />. Federal level <br />- FASAB - Federal Accounting Standards Advisory Board <br />- GAD General Accounting Office <br />- U.S. Treasury Departrnent <br />- OMS - Office of Management and Budget <br />. State and Local Government <br />- GASS - Government Accounting Standards Board <br />. Not-for-profits & Business for-profits <br />- FASS - Financial Accounting Standards Board <br /> <br /> <br />STANDARD SETTERS <br /> <br />. GASB <br />- Formed in 1984 <br />- Covers basIc governments and entities owned or controlled by <br />governments <br /> <br />- Forrnedin 1973 <br />- Covers not-for-profits not related 10 government entities <br />(private nonprofit hospitals, colleges, museums, etc.) <br />- Covers Business for-profits - Public and Private <br /> <br /> <br />GASS Concepts Statements <br /> <br />. Citizens have a right to know why resources <br />are being raised and how they will be used <br />. GASB #1 Objectives of Financial Statements <br />- Allow comparison of Actual with budgeted results <br />- Help users assess financial condition and results <br />of operations <br />- Show compliance with laws, rules and regulations <br />- Assist in evaluating efficiency and effectiveness <br /> <br />2 <br />