The statement of net assets and the statement of activities under GASB statement no. 34 are prepared on a government-wide basis. These statements are prepared on the accrual basis using the flow of economic resources concept.

Explain this rationale.

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Accrual Basis in Preparation of GASB Accounts Notably the GASB principle No 34 requires that government net assets and statement of net activities to be prepared on accrual basis Primarily there are s... View the full answer