Chap018-baker 3

Chap018-baker 3 - Chapter 18 Governmental Entities Special...

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Chapter 18 - Governmental Entities: Special Funds and Government-Wide Financial Statements 18-3 Q18-12 Component units are separate government entities for which the primary government is financially accountable. The financial presentation of these component units is dependent on the separability from the primary government. If the component unit is virtually inseparable, then the component unit’s financial information is blended into the primary government’s financial statements. However, if the component unit is distinguishable, and has its own taxing authority, then the component unit’s financial information is presented in a separate column in the government-wide financial statements. Q18-13 Two reconciliation schedules are required by GASB 34 . The first reconciles the fund balances reported in the governmental funds to the net assets of governmental activities reported on the government-wide financial statements. For example, internal service funds are not a governmental fund, but the accounts for
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