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Running Head: GASB Statement Financial Reporting Entity
ACC 380
GASB Statement- Financial Reporting Entity
GASB Statement- Financial Reporting Entity
GASB stands for Governmental Accounting Standards Board which is setting accounting
and financial reporting standards for state and local governments. Moreover, it is also related

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GASB Statement
2
non-profit organization, for example schools and libraries that control by governments. GASB
has so many kinds of information and resource such as financial reporting entity which was
published in March 2011- GASB statement concludes review of standards defining the financial
reporting entity. This statement is reexamined of Statement 14 and improved its effectiveness.
What is definition of Statement No.14? The Financial Reporting Entity is the scope of
governments’ activities covered in external financial statements. It is also provided the guidance
using to determine what legally separateentities- component units. The definition of component
units is legally separate organizations for which the elected officials of the primary government
are financially accountable (Copley, P.A. (2011)). Component units are the nature of
organization or significance of the relationship which excludes in a government’s financial
statement would cause a misleading. This is the importance of component units how it should be
identified in financial statement. The financial reports should state detail about its information
without misleading.
In this statement concludes review of standards defining the financial reporting entity, it
also mention about statement No. 61 which is the Financial Reporting Entity- Omnibus is
intended to improve the existing standard for defining and presenting the financial reporting.
This statement No. 61 also affects statement No. 14 and No. 34 which is Basic Financial
Statements- and Management’s Discussion and Analysis. The most of significant effects in
Statement No. 61 is emphasis on financial relationships between a primary government and
component units. Components units generally are displayed discretely on a government’s
financial statements because it shows in a column separate from the primary government’s
activities. Statement No. 61 has clarified the requirements for certain components units and

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 ACC 380 GASB Statement- Financial Reporting Entity GASB Statement- Financial Reporting Entity GASB stands for Governmental Accounting Standards Board which is setting accounting and financial reporting standards for state and local governments. Moreover, it is also related non-profit organization, for example schools and libraries that control by governments. GASB has so many kinds of information and resource such as financial reporting entity which was published in March 2011- GASB statement concludes review of standards defining the financial reporting entity. This statement is reexamined of Statement 14 and improved its effectiveness. What is definition of Statement No.14? The Financial Reporting Entity is the scope of governments’ activities covered in external financial statements. It is also provided the guidance using to determine what legally separateentities- component units. The definition of component units is legally separate organizations for which the elected officials of the primary government are financially accountable (Copley, P.A. (2011)). Component units are the nature of organization or significance of the relationship which excludes in a government’s financial statement would cause a misleading. This is the importance of component units how it should be identified in financial statement. The financial reports should state detail about its information without misleading. In this statement concludes review of standards ...
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