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 develops standards that guide how governments prepare their financial reports, ensuring consistency and comparability across different entities. These standards are crucial for maintaining public trust and providing useful information to taxpayers, investors, and other interested parties in the financial health of government entities.