August 3, 2007, Newsletter Issue #75: What are Government Accounting Standards?
Tip of the Week
Government accounting is a slightly different animal than your typical business or personal accounting. The reason for this is that the government needed to standardize their accounting process to ensure compatibility and consistency throughout all of their agencies.
Most non profit and fund accounting must comply with government standards, as well as any government agencies and often government subcontractors. If you want to learn more about specific government accounting standards, visit the Government Accounting Standards Board (GASB)online at: http://www.gasb.org/.
Most accounting software packages have developed software that is compatible with the most recent release of government accounting standards.
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