The Governmental Accounting Standards Board (GASB) and the Federal Accounting Standards Advisory Board (FASAB) are both responsible for promulgating (i.e., formally establishing and issuing) accounting standards:
GASB: for state and local governments
FASAB: for federal entities
They do not establish auditing standards (that is the role of GAO and AICPA), nor do they issue joint standards or follow FASB unless no applicable guidance exists.
Relevant References:
GASB Statement No. 1 – Authoritative Status of GASB Pronouncements
FASAB Mission and Responsibilities
GAO Yellow Book (Government Auditing Standards)
Answer: C. promulgate accounting standards
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