The Governmental Accounting Standards Board (GASB) creates accounting standards that are used by government entities to record accounting transactions and produce financial statements. These standards are considered a sub-set of generally accepted accounting principles (GAAP). City, county, state, and special governmental entities in the United States follow these standards. By following the standards, governments are producing reports that provide a consistent view of their financial positions to taxpayers and other citizen groups, the holders of government bonds, and legislators.
The GASB was founded in 1984, and is both funded and directed by the Financial Accounting Foundation.