Review GASB Statement 34. In your initial post:

1. Discuss the major contents of the fund financial statements and government wide financial statements. Address why those statements are necessary in the government annual report.

2. Specify what government financial statements are required to be included in the annual report. Then, compare and contrast the major contents of a selected fund financial statement or a government wide financial statement to a similar financial statement prepared under GAAP.

3. Compare and contrast the users, objectives, contents and format of the government financial statement you selected and its GAAP counterpart.

PLEASE DO NOT JUST RESPOND WITH THIS ANSWER AS IT ONLY ADDRESSES #1:

he differences between the accounting practises between the fund financial statements and the governmental wide financial statements can be given as below: Accounting Practise Government wide financial Fund financial statements statements Accountability Fiscal accountability Operational accountability Focus MeasurementCurrent financial resourcesEconomic resources Focus Basis of accounting Required financial statements Modified accrual method Accrual method Balance sheet, statement of Statement of net position, revenues, expenditures and Statement of activities s change in fund balances Balance sheet Current assets, current Current and non-current Statement of net liabilities, fund balances assets, current and non- current liabilities and net position Equity) osition Operating or Revenues, expenditures, Revenues and expenses change statement other financing sources/uses accounting Budgetary Formally integrated into Not formally integrated into accounting accounts of certain funds the accounts