Question

GASB Statement No. 34 mandates that the government reconcile total governmental fund balances per the fund...

GASB Statement No. 34 mandates that the government reconcile total governmental fund balances per the fund balance sheet with net assets of governmental activities per the government-wide statements. What are likely to be the two largest reconciling items for most major cities? Why?

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Answer #1

When you go through the financial report of a government entity, you can see that there are 2 reports, which are government-wide statement of net assets and statement of activities.

The two largest reconciling items for most major cities are long lived assets and long term liabilities.

The government-wide financial statements are the proprietary and fiduciary fund financial statements report which provides financial information on an accrual basis. Whereas the governmental fund financial statements, provides their report on a modified accrual basis.

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