Reporting Requirements for Annual Financial Reports of State Agencies and Universities
Government Accounting Standards Board (GASB)
The Governmental Accounting Standards Board (GASB) is an operating component of the Financial Accounting Foundation (FAF) — a private sector, non-profit organization. GASB is not a governmental entity. GASB provides authoritative and practice guidance on state and local government GAAP. The standards that GASB sets are not federal laws or regulations and GASB does not have any enforcement authority. However, some states (including Texas) enact laws requiring compliance with GASB standards, such as: Texas Government Code. Section 321.013(b) and Texas Government Code, Section 403.013(c).
GASB statements and interpretations — known as “pronouncements” — are the highest level of authority under GASB’s hierarchy. GASB also issues guidance documents in the form of technical bulletins, concepts statements and implementation guides.
For a list of the current GASB pronouncements and guidance documents, click on Current GASB Pronouncements or GASB Implementation Guides found in the left navigation. For a list of current statements that have been issued but are not effective until future fiscal years, click on Upcoming GASB Statements.
GASB receives funding from an accounting support fee established under the Dodd-Frank Wall Street Reform and Consumer Protection Act as well as from the sale of its various publications (GASB statements, implementation guides, user guides, etc.) that are available for purchase from the GASB store.