1. Respond to the following question with a 200 - 300 word response and include personal or work experience where applicable.
The Governmental Accounting Standards Board (GASB) is a private, nonprofit organization formed in 1984 to develop and improve accounting and financial standards for state and local governments. In June, 1999, GASB approved GASB-34, entitled Basic Financial Statements-and Management’s Discussion and Analysis- for State and Local Governments. This statement establishes new requirements for the annual financial reports of state and local governments.
There are approximately six major requirements outlined in GASB-34 - one of these is "Required Supplementary Information" (RSI). Describe this requirement and discuss the changes in reporting requirements RSI now requires of state and local governments. Response should be in own words with a minimum of 200 word count. I work as an office manager at a commercial cleaning company.
2. Respond to the following question with a 200 - 300 word response. Include personal or work experience where applicable.
GASB-34 requires that state and local governments will include a Management Discussion and Analysis (MD&A) section preceding the basic financial statements. Describe and discuss this requirement and compare this requirement with the SB-2 Report - (MD&A) as required by SOX. Response should be in own words with a minimum of 200 word count and I work as an office manager at a commercial cleaning company