reply to "Statement No. 34 establishes financial reporting standards for state and local governments, including states, cities, towns, villages, and special-purpose governments such as school districts and public utilities. It establishes that the basic financial statements and required supplementary information (RSI) for general purpose governments should consist of management's discussion and analysis, basic financial statements, fund financial statements, notes to the financial statements. Government-wide financial statements, consist of a statement of net assets and a statement of activities. Fund financial statements consist of a series of statements that focus on information about the government's major governmental and enterprise funds, including its blending component units. Notes to the financial statements consist of notes that provide information that is essential to a user's understanding of the basic financial statements." in 100 words