The FASB, GASB, and FASAB all focus their standards on both internal and external financial reporting.

FALSE

Explanation:

The FASB, GASB, and FASAB do not all focus their standards on both internal and external financial reporting.

The GASB - Governmental Accounting Standards Board and the FASB - Financial Accounting Standards Board, tend to focus more on external users of financial information while the FASAB - Federal Accounting Standards Advisory Board tend to focus on both internal and external users of financial information.