Question

1. Who are the users of financial statements issued by state and local governments?
2. How many sets of financial statements are issued by state and local governments
3. What is the rationale or justification for having multiple sets of financial statements
4. What are the major differences between the sets of financial statements issued by state and local governments

Answer 1

As per our policy, we cannot able to post solution more than one question.

Who are the users of financial statements issued by state and local governments?

Group of tax payers, Citizen groups, academic research organization, Government research organization, Public officer and their staff, ratings agency and other financial sector such as banking, mutual fund, insurance company etc. are the users of financial statements issued by state and local governments.