What Organization Is Responsible for Establishing Accounting Principles for Governmental

question 7

Essay

What organization is responsible for establishing accounting principles for governmental entities? By whom was this organization established?

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Definitions:

Fair Value

The estimated market price of an asset or liability, reflecting the amount at which it could be bought or sold in a current transaction between willing parties.

Relevant Information

Relevant information comprises data that is applicable and helpful in making decisions, particularly in the context of financial and managerial accounting.

Qualitative Characteristic

Attributes that make the information provided in financial statements useful to users, including relevance, understandability, comparability, and reliability.