You are a staff member in the finance department for the Province of Majestic Lakes. You have just completed a meeting with a new member of the provincial legislature. As part of the background material in preparing for this position, the member had been provided with a detailed reading on the “New Government Reporting Model.” At your meeting, the member asked for a quick written briefing on the following questions:
• What characteristics are unique for governments and what are the reporting implications?
• What are the five key messages in the model?
• What are the required financial statements and what are they like?
• What key information should I look for in each of the statements?
• What is the key impact of the change to “accrual” accounting?
• Why is it important to have a comparison with budgeted numbers?
• Why is it important to account for capital assets?

Required
Provide the requested briefing for the member.