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GFOA CPFO Exam - Topic 8 Question 3 Discussion

GASB has responsibility for:
A) researching and developing accounting and reporting principles for state and local governments.
B) ensuring that FASB standards are implemented by state and local governments.
C) developing standards for federal and state governments.
D) ensuring that federal and state governments implement FASB standards.

GFOA CPFO Exam - Topic 8 Question 3 Discussion

Actual exam question for GFOA's CPFO exam
Question #: 3
Topic #: 8
[All CPFO Questions]

GASB has responsibility for:

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Suggested Answer: A

by Loren at May 04, 2022, 10:21 PM

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Rashida
11 months ago
Yup, A makes the most sense here!
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Clorinda
11 months ago
B is misleading, they don’t enforce FASB standards.
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Sue
11 months ago
Wait, I thought GASB dealt with federal too?
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Brent
12 months ago
Totally agree, A is the right answer!
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Ngoc
12 months ago
GASB focuses on state and local governments, not federal.
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Rosalind
12 months ago
I keep mixing up GASB and FASB; I hope I don’t confuse their roles in the exam!
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Cary
12 months ago
I feel like I’ve seen a question similar to this before, and it was definitely about GASB focusing on state and local governments.
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Tasia
12 months ago
I think GASB is mainly about state and local governments, so I’m leaning towards option A.
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Chara
12 months ago
I remember studying that GASB develops principles, but I’m not sure if it’s just for state and local or if it includes federal too.
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Alaine
1 year ago
Surveys could work, but I'm not sure if that fully protects stakeholder identities. The Delphi Technique might be the safest bet.
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Elinore
1 year ago
I want to say "Assignment" could be correct too, but just thinking back, I remember the term "Load" was often emphasized in our lectures.
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Kenda
1 year ago
I'm pretty confident I know the purpose of the Consultancy and Performance Management role. I think it's about creating and distributing good practice.
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Arlean
1 year ago
I'm a bit confused here. The content type seems to be the issue, so I'll try changing it to JSON and see if that fixes the problem.
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