One of the most confusing aspects of governmental accounting is a result of the current financial resources measurement focus in governmental funds. Another challenging item is the governmental fund operating statement categorization of accounts into Revenues, Expenditures and Other Financing Sources (Uses).

What do you think the value is for using the current financial resources focus (i.e. modified accrual accounting)?

Who does this benefit?

Does it help the public understand or create more confusion?

Do you support aligning all the financial statements in the CAFR to only be in accrual accounting?

Answer rating: 100% (QA)

The current financial resources focus or modified accrual accounting in governmental funds serves a ... View the full answer