Q1.Discuss some of the major differences between GABS and FAB when it comes to setting accounting standards.
Q2.Class, I have attached illustration 1-2 to facilitate our discussion. How does this illustration relate to the differences between GABS and FAB? Not just the organization itself, but GABS and FAB literature.
Q3.Why are there major differences between governmental accounting systems vs. business accounting systems?
Q4.In both discussions already this week it has been mentioned that taxes are the major source of revenue for governmental entities. I believe this requires governmental entities to have a greater level of accountability than for profit entities. Taxpayers (legally) cannot choose whether or not to pay taxes. Shareholders have a choice of whether or not to invest in a corporation.
Class, your thoughts?