In June 1999, statement #34 required the most significant change to the reporting model in 60 years.

Fantastic news! We've Found the answer you've been seeking!

Question:

In June 1999, statement #34 required the most significant change to the reporting model in 60 years. This required the government to: 1. Prepare two sets of financials. 2. Settle the conflict between Budget basis and Interperiod Equity. 3. Prepare both the Governmentwide and Funds financials. 4. Accept that accrual basis best represents Interperiod Equity. 5. Accept the need for cash or close to cash budget reporting. What is the correct statement: a. All statements are correct b. All except for item 5 c. All except for 4 d. 1,2 and 3 only