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Fund statements to government-wide statements: Conversion

Directions: 100 words on question 2 only.

We have talked a lot about the differences between government wide statements and fund statements. Now we are looking at the actual conversion of fund statements to government-wide.
1. What GASB statement requires government wide statements and why? This answer should include a comment on the measurement focus and basis of accounting used.

2. Through what tool or method is the conversion accomplished? And alternately, how is it NOT accomplished?

Solution Preview

1. The GASB statement that requires government wide statements is GASB 34. The purpose of GASB 34 is to create new information and restructure the information that governments have presented in the past. The new requirements of GASB 34 have the objectives of making annual reports more comprehensive and easier to understand and use. The government wide financial statements are to be prepared ...

Solution Summary

Funds statements to government wide statements conversion is explained in a structured manner in this response. The answer includes references used.