Gasb Standards Case Summary

1. The information presented in this case study of the city’s financial statement in the MD&A appear to meet GASB standards.
• The Government-wide Financial Statement presented meets the requirement of listing both the statement of net position and statement of net activities.
• The MD&A represents the use of the economic resource measurement focus as well as the accrual basis of accounting.
• The two types of activities, governmental and business are reported in separate columns as they should be in order to meet GASB standards.
In the Fund Financial Statement the city is correctly doing the following according GASB standards.
• There is detailed information about the major funds and non-major funds are listed in a single column.
• There