For a complete list of GASB Statements click here. [http://en.wikipedia.org/wiki/List_of_GASB_Statements]
The similar one for the private organizations is called FASB [http://en.wikipedia.org/wiki/FASB]. Though there are no enforcement powers, failure to comply with the standards will let down the credit worthiness and their ability to borrow or issue bonds.
Why does Governmental accounting standards and that of private organizations differ?
Governments are fundamentally different from for-profit business enterprises in several important ways. They have different purposes, processes of generating revenues, stakeholders, budgetary obligations, and propensity for longevity. These differences require separate accounting and financial reporting standards in order to provide information to meet the needs of stakeholders to assess government accountability and to make political, social, and economic decisions. Due to their unique operating environment, governments have a responsibility to be accountable for the use of resources that is significantly different from business enterprises. Although businesses receive revenues from a voluntary exchange between a willing buyer and seller, governments obtain resources primarily from the involuntary payment of taxes. Taxes paid by an individual taxpayer often bear little direct relationship to the services received by that taxpayer. Overall, taxpayers collectively focus on assessing the value received from the resources they provide to government.
References:
http://tasbrmf.com/library/gasb.aspx
For more information visit:
- http://www.buckconsultants.com/buckconsultants/default.aspx?tabid=250
- http://www.ebctpa.com/default.aspx?pageid=gasbfaq
Question: Why is GASB discussed here in Higher Education perspective?
Answer: In the Higher Education domain in US, education institutions are public sector entities. So they must adhere to these standards set for public sector entities.
Disclaimer: The views described here are just the authors view.
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