The Governmental Accounting Standards Board (GASB) is an independent organization that establishes accounting and financial reporting standards for U.S. state and local governments. Its primary goal is to ensure transparency and accountability in public sector financial reporting, helping stakeholders understand government financial statements. GASB was created in 1984 and operates under the oversight of the Financial Accounting Foundation (FAF). The board develops standards that guide how governments report their financial activities, ensuring consistency and comparability across different jurisdictions. This helps taxpayers, investors, and other stakeholders make informed decisions regarding government finances.