Question: CAFR information: https://comptroller.nyc.gov/reports/comprehensive-annual-financial-reports/ GASB 34 introduced the requirement for state and local governments to additionally report financial statements using a government-wide approach along with traditional

CAFR information: https://comptroller.nyc.gov/reports/comprehensive-annual-financial-reports/

GASB 34 introduced the requirement for state and local

governments to additionally report financial statements using a government-wide

approach along with traditional governmental fund statements. Please describe

the issues that occurred with government reporting prior to GASB 34, what

benefits both sets of statements bring now, and key elements of both approaches

included in the CAFR.

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