The Statements of Governmental Accounting Standards are the final step in the GASB’s decision making process. Standard setting has a number of specific steps, with open and thorough study of the issues, and with public participation and input encouraged throughout the process.

Required

Access the GASB’s Web site at www.gasb.org; scroll down through the GASB Facts until reaching the Web page entitled “An Open Decision-Making Process.” Then read through the process and prepare a one-page memorandum summarizing the steps the GASB takes before adopting a new governmental accounting standard.



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