Governmental Accounting Standards Board

What Governmental Accounting Standards Board does

The Governmental Accounting Standards Board (GASB) is the independent, private-sector, not-for-profit organization that establishes accounting and financial reporting standards for U.S. state and local governments that follow generally accepted accounting principles (GAAP). Established in 1984 and headquartered in Norwalk, Connecticut, GASB operates under the oversight of the Financial Accounting Foundation (FAF), which appoints its seven-member Board (one full-time Chair, six part-time members) for staggered terms of up to 10 years. The organization issues authoritative pronouncements including Statements (over 105 issued to date), Concepts Statements, Interpretations, Technical Bulletins, and Implementation Guides, and supports a separate advisory body, the Governmental Accounting Standards Advisory Council (GASAC), of approximately 30 members representing preparers, auditors, and users.

GASB's core technology platform is the Governmental Accounting Research System (GARS), a subscription-based online research tool that consolidates all GAAP and related literature for state and local governments. The organization is also developing a Voluntary Digital Financial Reporting Taxonomy to position standards within digital reporting infrastructure, and operates a Technical Inquiry Service that fields practitioner questions on standard application. No public API or AI capabilities are documented. Stakeholder engagement is delivered through a multi-channel outreach program including the gasb.org website, the Bridging the GAAP podcast, an ACFR video series, webinars, three annual GASAC meetings, public hearings, and a request-a-speaker program.

GASB does not generate revenue in the commercial sense. Its standards are made freely available to the public, and its operations are funded through the Financial Accounting Foundation via assessments on state and local governments and publication sales. The organization's "customers" are functionally all U.S. state and local governments required to follow GAAP, plus their financial statement preparers, auditors, and the municipal analyst community. Because GASB is a nonprofit standards-setting body rather than a commercial enterprise, the typical SaaS/fintech revenue and growth metrics do not apply.

Name

Governmental Accounting Standards Board

Legal name

Governmental Accounting Standards Board

Website

https://gasb.org

Company type

Private

Founded year

1984

Operating status

Operating

Headcount range

11–50 employees

Short description

The Governmental Accounting Standards Board (GASB) is the independent, private-sector, not-for-profit organization that establishes accounting and financial reporting standards for U.S. state and local governments that follow GAAP, supported by the Financial Accounting Foundation and operating the GARS research platform.

Ownership category

akta.pro rank

Product category

Governmental Accounting Standards

NAICS

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (92615)

akta.pro primary industry

Regulator/Authority-Operated Reporting Systems & Portals (FSAFAJAJ)

akta.pro secondary industry

Financial Accounting & Reporting (GAAP/IFRS) (EDABAJAB)

Keywords

• Governmental accounting standards
• Financial reporting standards
• State and local government GAAP
• Accounting research system
• Public sector accounting

Headquarters

HQ city

Norwalk

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Oversight Funding: The GASB is supported and overseen by the Financial Accounting Foundation (FAF), an independent private-sector not-for-profit organization established in 1972. The FAF is responsible for the oversight, administration, financing, and appointment of the GASB. GASB standards are made freely available to the public.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

The Governmental Accounting Standards Board establishes and issues accounting and financial reporting standards (GAAP) for U.S. state and local governments. It provides the Governmental Accounting Research System (GARS), an online platform that delivers access to all GASB pronouncements—Statements, Concepts Statements, Interpretations, Technical Bulletins, and Implementation Guides. It also offers a Technical Inquiry Service and educational resources to support uniform application of its standards.

Product overview

The GASB offers a unified standards-and-research ecosystem centered on the Governmental Accounting Research System (GARS), a subscription platform providing access to all GASB pronouncements and GAAP literature for state and local governments. The portfolio includes the full suite of authoritative standards: GASB Statements (105 issued to date), Concepts Statements, Interpretations, Technical Bulletins, and Implementation Guides—each addressing distinct stages and scopes of the standard-setting lifecycle. Adjacent offerings include the Technical Inquiry Service for practitioner support, educational video series and podcasts (e.g., the 16-part ACFR video series and Bridging the GAAP podcast), the User Guide Series for non-accountant readers, and the Gilbert W. Crain Memorial Research Grant Program and Postgraduate Technical Assistant Program for academic engagement. Pre-agenda research initiatives such as the Voluntary Digital Financial Reporting Taxonomy round out the offering.

Differentiator

Problem solved

Functional benefit

Brands

• GARS (Governmental Accounting Research System): GARS provides access to all U.S. generally accepted accounting principles (GAAP) and related literature for state and local governments.
• Gilbert W. Crain Memorial Grant Program

Products and services

• Governmental Accounting Research System (GARS) The primary subscription-based online platform providing access to all GASB pronouncements, GAAP literature, and related guidance for state and local governments.
• GASB Statements Authoritative accounting and financial reporting standards issued by the GASB covering topics such as leases, pensions, OPEB, revenue recognition, and financial reporting model improvements.
• GASB Concepts Statements Conceptual foundation documents (Concepts Statements 1–7) that establish the objectives, qualitative characteristics, elements, and measurement principles underlying GASB standards.
• GASB Interpretations Official interpretations of GASB pronouncements, clarifying application of standards to specific reporting circumstances (Interpretations 1–6).
• GASB Technical Bulletins Staff-issued guidance addressing narrow implementation questions, including emerging issues such as CARES Act accounting and tobacco settlement recognition.
• GASB Implementation Guides Comprehensive question-and-answer guidance supporting uniform application of GASB standards, with annual updates.
• Technical Inquiry Service Staff-based inquiry service responding to technical questions about the application of GASB standards to specific reporting circumstances, accessible via an online submission form.
• Understanding the Government Financial Report (Video Series) A 16-part video series walking elected officials, citizens, accounting students, and other stakeholders through each section of an annual comprehensive financial report (ACFR).
• User Guide Series A four-book series explaining how to read and understand financial statements of local governments, school districts, and business-type activities, written for non-accountants.
• Bridging the GAAP Podcast Podcast series featuring GASB leadership discussing standards, projects, and digital reporting initiatives such as the Voluntary Digital Financial Reporting Taxonomy.
• Gilbert W. Crain Memorial Research Grant Program Annual grant program awarding up to $10,000 per study to encourage academic research relevant to GASB standard-setting activities.
• Voluntary Digital Financial Reporting Taxonomy Pre-agenda research project exploring voluntary digital taxonomy standards and their relationship to broader digital reporting initiatives.

Quantifiable outcome

• GASB standards help stakeholders make determinations about government ability to provide services and retire debt

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core and flagship.

• Financial Accounting Foundation (FAF)coreStrategic or Co-development Partner · 1 January 1972The Financial Accounting Foundation (FAF) supports and oversees the GASB. Established in 1972, the FAF is the independent, private-sector, not-for-profit organization responsible for the oversight, administration, financing, and appointment of the GASB and the Financial Accounting Standards Board (FASB). The FAF Board of Trustees provides governance oversight and appoints GASB board members.
• Governmental Accounting Standards Advisory Council (GASAC)coreStrategic or Co-development PartnerThe GASAC was formed in 1984 concurrent with the establishment of the GASB. It consists of approximately 30 members representing a broad cross section of GASB stakeholders. The council advises the Board on technical issues, project priorities, possible new agenda items, and procedural matters. GASAC holds three meetings per year.
• Financial Accounting Standards Board (FASB)flagshipStrategic or Co-development PartnerThe GASB and FASB are both overseen by the Financial Accounting Foundation and share similar standard-setting processes. Both boards engage in parallel standard-setting activities - GASB for state/local governments, FASB for private-sector entities. They have developed joint conceptual frameworks.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Financial Accounting Standards Board (FASB): FASB establishes GAAP for U.S. private-sector entities — the direct counterpart to GASB for the private sector. Both boards operate parallel standard-setting processes under shared FAF oversight and serve complementary GAAP constituencies.
• Federal Accounting Standards Advisory Board (FASAB): FASAB sets GAAP for U.S. federal government entities, completing the U.S. public-sector standard-setting trinity with GASB (state/local) and FASB (private sector). Operates a near-identical due process and pronouncement structure.
• International Public Sector Accounting Standards Board (IPSASB): IPSASB develops accrual-based accounting standards for public-sector entities worldwide under IFAC. It is the international functional counterpart to GASB for governmental accounting standards, with overlapping technical agendas.

Broad incumbents

• American Institute of CPAs (AICPA): AICPA formally recognizes GASB standards as authoritative for state/local government accounting and, through its Auditing Standards Board (ASB), issues overlapping professional and auditing standards. Shares the CPA and governmental-audit stakeholder community with GASB.
• IFRS Foundation / International Accounting Standards Board (IASB): The IFRS Foundation oversees IASB, which sets International Financial Reporting Standards used in much of the world. While IASB focuses on private-sector standards, its growing influence on public-sector reporting globally makes it broadly comparable to GASB as a flagship standard-setter.
• Public Company Accounting Oversight Board (PCAOB): PCAOB sets auditing standards for U.S. public-company audits. While its focus is auditing rather than accounting and its constituency is public companies, it operates within the same U.S. financial-reporting regulatory ecosystem as GASB and shares auditor stakeholders.

Regional players

• European Financial Reporting Advisory Group (EFRAG): EFRAG provides European endorsement advice on IFRS and develops EU sustainability reporting standards. Operates a parallel standard-setting role to GASB and FASB at the regional level for the European Union.
• Accounting Standards Board of Japan (ASBJ): ASBJ develops Japanese GAAP and engages in convergence with IFRS. A national standard-setter with a governance model comparable to GASB, but focused on Japanese private-sector reporting.
• UK Financial Reporting Council (FRC): FRC sets UK accounting and auditing standards and oversees the UK accounting profession. A national-level standard-setter with a comparable governance structure to GASB, but operating in a different jurisdiction.
• Australian Accounting Standards Board (AASB): AASB develops and issues Australian Accounting Standards for private and public sectors. A national standard-setter with similar governance and due process to GASB, but serving the Australian jurisdiction.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/FAFNorwalk
• YouTubeyoutube.com/channel/UCwG1i9nAWif7P2H1ySQ5mYw
• Facebookfacebook.com/GASBstandards
• LinkedInlinkedin.com/company/governmental-accounting-standards-board-gasb-

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Governmental Accounting Standards Board