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Governmental Financial Statements

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Governmental financial statements are significantly different from those produced in accordance with GAAP. One significant reason for the difference is the financial statement user. Describe the governmental financial statement user and their needs.

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The main users of government financial statements are (1) internal users, (2) other branches of government, and (3) the general public. Due to the size and nature of governmental operations, the public is typically the user with the lowest percentage when compared to the other users. Government financial statements are ...

Solution Summary

This solution discusses the needs of a governmental financial statement user. A detailed explanation is provided.