What does GASB stand for?

The correct answer is "Governmental Accounting Standards Board." GASB is an independent organization responsible for establishing and improving standards of accounting and financial reporting for state and local governments in the United States. These standards ensure transparency, accountability, and the effective use of public resources, which are critical in governmental finance.

The work of GASB is fundamental in helping government entities prepare their financial statements in a manner that is consistent and comparable across different jurisdictions. This consistency is essential for stakeholders, including taxpayers, elected officials, and investors, who rely on accurate financial reporting to make informed decisions.