GASBCS

AcronymDefinition
GASBCSGovernmental Accounting Standards Board Concepts Statements
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References in periodicals archive ?
Turning from private-sector accounting to the public sector, GASB, in its Concepts Statement (GASBCS) 1, "Objectives of Financial Reporting," specifies in paragraph 30 the citizenry as first among three groups of primary users; investors and creditors were second and third.
In GASBCS 1 (paragraph 63), GASB gave its position on understandability:
In 2005, GASBCS 3, paragraph 21, made users "responsible for obtaining a reasonable understanding of government and public finance activities and of the fundamentals of governmental financial reporting, for studying the messages with reasonable diligence, and for applying relevant analytical skills."