GASB Definition

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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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GRACE PERIOD is the period of time between your statement date and the due date, i.e. it is the time period stipulated in most loan contracts and insurance policies during which a late payment will not result in penalties, default or cancellation.

NONISSUER means all entities except for those that register their securities with the SEC.

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