Discuss the major contents of the fund financial statements and government wide financial statements. Address why those

Question:

Discuss the major contents of the fund and government wide Address why those statements are necessary in the government annual report.
Specify what government are required to be included in the annual report. Then, compare and contrast the major contents of a selected fund financial statement or a government wide financial statement to a similar financial statement prepared under .
Compare and contrast the users, objectives, contents and format of the government financial statement you selected and its counterpart.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...