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. A comprehensive answer will be approximately two pages apa formatting excluding the question and references.