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What is the GASB standard for reporting expenditures from governmental funds for employee pension benefits and retiree health care benefits?

What is the GASB standard for reporting expenditures from governmental funds for employee pension benefits and retiree health care benefits?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What is the GASB standard for reporting expenditures from governmental funds for employee pension benefits and retiree health care benefits?

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GASB stands for Government Accounting Standards Board, which is a non-governmental body that holds the responsibility of issuing accounting standards that are to be followed by the governments, both state and local, in the United States. The GASB is the principle over looker of the Generally Accepted Accounting Principles (GAAP). They work to ensure good and consistent financial reporting such that the stakeholders have proper data to make their financial decisions appropriately.

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