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What are the two sets of financial statements mandated by GASB for state and local governments?...

What are the two sets of financial statements mandated by GASB for state and local governments? For each set, what are the names of the individual statements that must be produced?

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Answer #1

The two sets of financial statements mandated by GASB for state and local governments are:

1) Fund financial statements

2) Government-wide financial statements

The names of the statements that must be produced under Fund financial statements are:

a)Proprietary fund financial statements

b)Fiduciary fund financial statements

The names of the statements that must be produced under Government-wide financial statements are:

a) Statement of net assets

b) Statement of activities

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