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2002-02-13 CC Packet
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2002-02-13 CC Packet
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<br />~ummary of Statement No 34 <br /> <br />Page 4 of8 <br /> <br />special-purpose governments such as school districts and public <br />utilities. It establishes that the basic financial statements and <br />required supplementary information (RSI) for general purpose <br />governments should consist of: <br /> <br />. Management's discussion and analysis (MD&A). MD&A <br />should introduce the basic financial statements and provide <br />an analytical overview of the government's financial activities. <br />Although it is RSI, governments are required to present <br />MD&A before the basic financial statements. <br /> <br />. Basic financial statements. The basic financial statements <br />should include: <br /> <br />. Government-wide financial statements, consisting of a <br />statement of net assets and a statement of activities. <br />Prepared using the economic resources measurement <br />focus and the accrual basis of accounting, these <br />statements should report all of the assets, liabilities, <br />revenues, expenses, and gains and losses of the <br />government. Each statement should distinguish <br />between the govemmental and business-type activities <br />of the primary govemment and between the total <br />primary government and its discretely presented <br />component units by reporting each in separate <br />columns. Fiduciary activities, whose resources are not <br />available to finance the government's programs, <br />should be excluded from the government-wide <br />statements. <br /> <br />. Fund financial statements consist of a series of <br />statements that focus on information about the <br />government's major governmental and enterprise <br />funds, including its blended component units. Fund <br />financial statements also should report information <br />about a govemment's fiduciary funds and component <br />units that are fiduciary in nature. Governmental fund <br />financial statements (including financial data for the <br />general fund and speCial revenue, capital projects, <br />debt service, and permanent funds) should be <br />prepared using the current financial resources <br />measurement focus and the modified accrual basis of <br />accounting. Proprietary fund financial statements <br />(including financial data for enterprise and intemal <br />service funds) and fiduciary fund financial statements <br />(including financial data for fiduciary funds and similar <br />component units) should be prepared using the <br />economic resources measurement focus and the <br />accrual basis of accounting. <br /> <br />. Notes to the financial statements consist of notes that <br />provide information that is essential to a user's <br />understanding of the basic financial statements. <br /> <br />. Required supplementary information (RSI). In addition to <br />MD&A, this Statement requires budgetary comparison <br />schedules to be presented as RSI along with other types of <br />data as required by previous GASS pronouncements. This <br /> <br />http://accoooting.rutgers.edulraw/ gasb/stIsummary /gstsm34 .html <br /> <br />2/8/02 <br />
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