Question

1. What is the GASB Research System known as GARS? Where can this be located? Describe what you find in this system and how it can be used to find answers to accounting questions regarding governmental entities.

Answer 1

GASB stands for Governmental Accounting Standards Board. An online network formed by GASB called Government Accounting Research System (GARS) to help users for information about Generally Accepted Accounting Principles (GAAP) and information about local and state government accounting . It reduces the timing for research. It shows a way for preparing the financial statements as per the standards stated in GASB.

GASB is located in Norwark, Connecticut. GARS can be located from four service plans through online network. Four service plans are (a) Single user - Provide access to collection of one set of documents (b) Multiple User - Its provides access to five set of documents and access related to useful information.(c) Academic Professional View - Its a platform to help access to information related to acedemics for faculty and students at free of cost.(d) Basic View - Its a access given free for professional users.

Following items are found GASB research system

(i) It gives information for all concepts on financial statements and information about pronouncements on government accounting , selected access to materials of CPA.

(ii) Its gives a direction of the current financial reporting standards of local and state governments related to general principles of accounting , Balance sheet and items relating to operation.

(iii) Its helps the persons relating to financial statement preparers and other users in the form of question and answers

(iv) Various sections and accounting pronouncements are given in the form of guidance in documents.

Its gives answers to accounting questions regarding government entities by showing the way how an accounting item to be treated as per the accounting standards like GAAP. It shows a way if an accounting item to be treated as capital or revenue expenditure and thus to be shown in balance sheet or treated in Profit and accounting statement. It gives a direction that there should be a standard for the treatment of an accounting item which all be followed in as same throughout all organisations and thus there will be uniformity.This helps the stakeholders to informed decisions.