COMPREHENSIVE BASIS OF ACCOUNTING Definition

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COMPREHENSIVE BASIS OF ACCOUNTING is a complete set of rules other than U.S. GAAP applied to all items in a set of financial statements. Examples include a basis of accounting required by a regulatory agency, a basis of accounting the entity uses for its income tax return and the cash receipts and disbursements basis.

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GILT is a bond issued by the UK government. Gilts are equivalent to a U.S. Treasury security.

GASB stands for Government Accounting Standards Board. The GASB is a nonprofit organization responsible for establishing and improving accounting and financial reporting standards for governmental units.

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