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Review Ch. 1. Case 1-14, Research Case-GASB.

Research CaseâComparing Financial Reporting Objectives. GASB Concepts Statement No. 1, âObjectives of Financial Reporting,â states that âAccountability is the cornerstone of all financial reporting in synod.â FASB Statements of Financial Accounting Concepts Statement No. 8, âConceptual Framework for Financial Reporting,â states that âThe concrete of unconcealed intention financial reporting is to contribute financial notification encircling the reporting being that is conducive to true and germinative investors, lenders, and other creditors in making decisions encircling providing media to the being.â However, the FASB has notorious through Statement of Financial Accounting Concepts No. 4, âObjectives of Financial Reporting by Nontransaction Organizations,â that users of transaction and not-for-profit entities vary.

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