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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
7 months ago
Yup, A makes the most sense here!
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Clorinda
7 months ago
B is misleading, they don’t enforce FASB standards.
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Sue
8 months ago
Wait, I thought GASB dealt with federal too?
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Brent
8 months ago
Totally agree, A is the right answer!
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Ngoc
8 months ago
GASB focuses on state and local governments, not federal.
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Rosalind
8 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
8 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
8 months ago
I think GASB is mainly about state and local governments, so I’m leaning towards option A.
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Chara
8 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
8 months 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
8 months 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
8 months 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
8 months 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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