GOVERNMENTAL ACCOUNTING STANDARDS BOARD Definition

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GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB) is a nonprofit organization responsible for establishing and improving accounting and financial reporting standards for governmental units.

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EUROCURRENCY is currency held by banks, corporations or individuals outside its country of origin: e.g. eurodollar, eurosterling, etc. The euro part of the name derives from the place where the first market in such currencies (normally dollars) arose.

EQUITY is, normally, ownership or percentage of ownership in a company or items of value.

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