Whole Foods Company

Leepa Rattner 2016 Financial Statements

View our guest speaker Cristina McCormack’s video sharing information about the Leepa Rattner Museum of Art (LRMA) and how Governmental Accounting Standards Board (GASB) prepared financial statements differ from financial statements prepared under Financial Accounting Standards Board (FASB). See 2016 Annual Report linked to above. In addition read about upcoming changes to our revenue recognition standard on the top of page 121 of our text titled “Coming Soon” which is part of the convergence initiative with International Accounting Standards Board (IASB).

Cristina McCormack’s Presentation

Research and reflect on the

similarities/differences between these standards and share what your have

learned from your research/reflection. If you have visited the LRMA please also

share with your peers what you have learned from this experience and how it

relates to learning about their financial statements.

answer preview

Differences between GASB and FASB

            There are various differences between Financial Accounting Standards Board and Government Accounting Board. The first difference is that FASB mainly focuses on balance sheet, statement of retained earnings while GASB focuses on statement of net position, change in net position as well as statement of revenues and expenses. The domain of GASB is the government while that of FASB is the public companies. The role of GASB is to ensure that governmental organizations’ accounting and financial reports are accurate and consistent for the benefit of the general public. Also GASB ensures that accounting as well as financial reports from public firms are prepared in an effective and efficient manner so as to provide shareholders with reliable and accurate information………………words 718