Question

What is your view on this? Please see below.

It is true that both worlds must evolve and innovate to keep up with the changing times and demands. GASB’s objective is to enhance accounting and financial reporting, so the improved information helps citizens and financial statement users reach informed decisions. The process of establishing and improving standards takes significant time, and it is imperative to continuously assess and update to stay current, which cannot be done if GASB takes a break.

Answer 1

GASB objective is very crucial in the soceity for all the stakeholders. GASB helps to create the GAAP in US for state and local governments. So, an organisation like GASB not only helps the companies to be accountable and maintain trasparency in the companies disclosures but it also helps all the shareholders and stakeholders with the updated informations. So, if an organisation like GASB takes a break then it might be harmful for the shareholders and stakeholders as GASB is responsible for providing the updated informations to all. GASB also works in updating the standards of accounting and financial reporting. So, the role GASB is very crucial in the modern days for all the stakeholders.