Question: GASB Statement No 34 has been widely criticized for mandating

GASB Statement No. 34 has been widely criticized for mandating the preparation and presentation of government-wide statements. Mainly, the critics contend that the benefits of the statements are not commensurate with the costs of preparing them. They argue that the statements provide little information that is ‘‘decision-useful.’’ Do you agree? For what types of decisions are statement users most likely to use the government-wide statements? If you have difficulty identifying such decisions, then is the GASB requirement defensible?

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