What is Governmental Accounting Standards Board in SAP PSM-FG - Functions for U.S. Federal Government?

SAP Term: Governmental Accounting Standards Board

• Component: PSM-FG

• Component Name: Functions for U.S. Federal Government

• Description: The agency of the U.S federal government charged with establishing and improving standards for state and local governmental accounting and financial reporting.

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• Key Concepts: 
  The Governmental Accounting Standards Board (GASB) is an independent organization that establishes and improves financial accounting and reporting standards for state and local governments in the United States. The GASB is responsible for setting the standards for governmental accounting and financial reporting, which are used by state and local governments to prepare their financial statements. The GASB also provides guidance on how to apply these standards.
  
  How to use it: 
  The PSM-FG Functions for U.S. Federal Government Accounting component of SAP provides a set of functions that enable organizations to comply with the GASB standards. This component includes features such as budgeting, reporting, and analysis tools that help organizations meet the requirements of the GASB.
  
  Tips & Tricks: 
  It is important to understand the GASB standards before using the PSM-FG Functions for U.S. Federal Government Accounting component of SAP. Organizations should also ensure that they are familiar with the specific requirements of their state or local government when using this component.
  
  Related Information: 
  For more information about the GASB, visit their website at www.gasb.org. For more information about the PSM-FG Functions for U.S. Federal Government Accounting component of SAP, visit their website at www.sap.com/products/psm-fg-functions-us-federal-government-accounting/.