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:

Aresearching and developing accounting and reporting principles for state and local governments.

Bensuring that FASB standards are implemented by state and local governments.

Cdeveloping standards for federal and state governments.

Densuring that federal and state governments implement FASB standards.

Show Suggested Answer

Suggested Answer: A

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

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Rashida

5 months ago

Yup, A makes the most sense here!

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Clorinda

5 months ago

B is misleading, they don’t enforce FASB standards.

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Sue

5 months ago

Wait, I thought GASB dealt with federal too?

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Brent

5 months ago

Totally agree, A is the right answer!

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Ngoc

5 months ago

GASB focuses on state and local governments, not federal.

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Rosalind

5 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

6 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

6 months ago

I think GASB is mainly about state and local governments, so I’m leaning towards option A.

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Chara

6 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

6 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

6 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

6 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

6 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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