PERVASIVENESS OF ESTIMATES Definition

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PERVASIVENESS OF ESTIMATES means that the estimates have to be complete, of high quality and in depth, i.e., they have to adequately cover the whole accounting entity.

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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.

SHORT TERM LIABILITY is a liability that will come due within one year or less.

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