Chap017-baker 9

Chap017-baker 9 - Chapter 17 Governmental Entities...

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Chapter 17 - Governmental Entities: Introduction and General Fund Accounting 17-9 C17-4 Summarizing the Requirements of GASB 34 The following presents a listing of the major points in GASB 34 , “Basic Financial Statements– and Management’s Discussion and Analysis–for State and Local Governments.” a. The management’s discussion and analysis (MD&A) is required supplementary information (RSI) but must precede the basic financial statements. GASB 34 requires the MD&A to be an objective and easily readable analysis of the government’s financial condition and activities with comparisons to the prior year. Not only is management to provide an analysis of the overall financial condition of the governmental entity, but also to discuss significant changes in the funds. Also, management should discuss significant budget variances and describe capital asset and long-term debt activities during the year. Finally, management is to look forward and describe currently known facts or conditions that may
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This note was uploaded on 10/09/2011 for the course ACC 253 taught by Professor Strimling during the Fall '11 term at Harper.

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