The perceived role of the Governmental Accounting Standards Board in local governments’ accounting practices

In the 1980s, one of the most significant developments in state and local government accounting was the establishment of the Governmental Accounting Standards Board (GASB). This paper is to assess the role of the GASB in governmental accounting practices as perceived by local governments’ chief finance officers. The findings of this study shows that despite its relatively short existance, the GASB is relatively known by chief financial officers and has, to a certain extent, influence on their governments’ accounting practices. In addition, it has been perceived as relatively successful in establishing governmental accounting and financial reporting standards.