GASB stands for Governmental Accounting Standards Board It was organized in 1984 Like FASB it falls under the umbrella of the Financial Accounting Foundation It makes rules for state and local government and nonprofit organizations controlled by government GASB is recognized by the Securities and Exchange Commission (SEC) as the rule making body for state and local government It follows due process in that interested parities can comment before rules are accepted GASB is independent in that its costs are covered by contributions