final gasb 34

Project Description:

government reporting (gasb) is mirroring the concepts in gaap. using the external reporting requirements gasb statement 34 on page 762, write a paper addressing why each of the reporting requirements are needed. you should cover each topic in one page for a total of seven pages not to exceed 10 pages, apa format.

chapter 18 introduction to accounting for state and local governmental units
page 762
18.7 externalreportingrequirements(gasbstatementno.34)
lo 9 describe reporting requirements under gasb statement no. 34.
the following statements and disclosures are required:12
reporting governmental fund financial statements
1. balance sheet (illustration 18-14) 2. statement of revenues, expenditures, and changes in fund balances (illustration 18-15) 3. reconciliation to the government-wide statements (illustrations 18-16 and 18-17)
reporting proprietary fund financial statements
1. balance sheet (illustration 18-10) or a statement of net position (not shown); either for- mat is acceptable
2. statement of revenues, expenses, and changes in fund net position (illustration 18-11) 3. statement of cash flows (not shown)—direct format
reporting fiduciary funds (and similar component units) financial statements
1. statement of fiduciary net position (not shown) 2. statement of changes in fiduciary net position (not shown)
reporting government-wide statements
1. statement of net position (illustration 18-17) 2. statement of activities (illustration 18-18)
combining statements for major component units
1. statement of net position (not shown) 2. statement of activities (not shown)
notes to the financial statements
1. schedule of changes in capital assets (illustration 18-12) 2. schedule of changes in long-term liabilities (illustration 18-13)
required supplementary information (rsi)
1. management’s discussion and analysis (md&a) 2. budgetary comparison schedules (see chapter 17, illustration 17-9), accompanied by
information reconciling the budget-to-gaap (see chapter 17, illustration 17-10)
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