The given statement about governmental accounting standards board is False.
General accounting concepts used by state and municipal governments in the United States are derived from the Governmental Accounting Standards Board. It is a private, non-governmental organization, just like the majority of the organizations responsible for developing GAAP in the United States. GASB members must be knowledgeable in governmental accounting and finance and have a concern for the general public's interest in accounting and financial reporting issues. The GASB, or Governmental Accounting Rules Board, was founded in 1972 with the goal of developing accounting and reporting standards that promote transparency and clarity in financial reporting.
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