Discuss the below in detail:
Q1. Using your own words, what is the GASB and what is their function? Provide a brief overview.
Q2. Based on GASB's White Paper, Why Governmental Accounting and Financial Reporting is and Should be Different, describe i your own words the key environmental differences between governments and for-profit business enterprises.
Why governmental accounting and financial Reporting is—and should be—different
Q3. Using your own words, explain the modified accrual basis of accounting.
Q4. Explain in your own words the GAAP Hierarchy for Governments. Why would a government accountant need to understand this hierarchy?