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The GASB Interpretation Of Accountability

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What is accountability and why is it important to governmental accounting? Accountability is often considered the most vital motivation behind correctly preparing the necessary governmental financial reports. The Governmental Accounting Standards Board (GASB) states, “Governmental accountability is based on the belief that the citizenry has a ‘right to know,’ a right to receive openly declared facts that may lead to public debate by the citizens and their elected representatives. Financial reporting plays a major role in fulfilling government’s duty to be publicly accountable in a democratic society” (Halsey, Hopkins 2014). In this paper, I will be discussing why accountability is the most crucial point in governmental accounting and what accountability actually entails. …show more content…

What does this mean in practical terms? To be held accountable means to have responsibility over a specific function. Accountability in the financial world refers to an accountant’s duty to act carefully and be knowledgeable of all professional practices. This is important because, oftentimes, accountants, or their managers, are legally responsible for the reports that they prepare (Investopedia 2008). Governmental accountants are required to prepare and issue two types of financial reports; fund financial statements and government-wide financial statements. Fund financial statements emphasize sources, balances, and uses of net assets that have been entrusted to government authorities. Government-wide financial statements provide information regarding the financial position of the government, much like the reports that would be prepared by a corporation (Halsey, Hopkins

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