Governmental Accounting Standards Board [GASB] Law and Legal Definition

The Governmental Accounting Standards Board (GASB) is a private, non-governmental organization that functions as the reservoir of the U.S.Generally Accepted Accounting Principles (GAAP) used by State and Local governments. The standards prepared by the GASB make it easier for users to understand and use the financial records of both state and local governments. The mission of the GASB is to establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial reports and guide; and educate the public, including issuers, auditors, and users of those financial reports.