Government-wide statements & reporting entities
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How can a government entity prepare government-wide statements using the fund statements?
What is a governmental reporting entity?
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Solution Summary
Outlines governmental reporting entities and how they can prepare statements on funds in over 350 words.
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First of all, fund financial statements are the necessary foundation for the Government-Wide Financial Statements. Essentially, preparing the G-W statements is a matter of converting fund information into G-W information, a process that occurs at the end of the year.
The government-wide financial statements report the financial position and operating results of the government as an economic entity, without reference to the government's underlying fund structure. As such, the government-wide financial statements provide information for assessing operational accountability. Two government-wide presentations are included in the basic financial statements: a ...
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