Week Two Financial Statements Discussions


Part 1

Implications of GASB statement no.34 for reporting and accountability: The Georgia experience.

GASB has issued standards regarding basic financial reporting in Statement No. 34. To explore this idea, go to the Governmental Accounting Standards Board (Links to an external site.) website, key in Statement 34 in the search field, and hit enter. Then review the information summary, and summarize this information in your own words. While no specific number of words is required, ensure you adequately cover the material for the class. Assume several paragraphs will likely be needed to summarize this material properly. For details on how to best summarize, review the Writing Center’s guide, Quoting, Paraphrasing, & Summarizing (Links to an external site.).300 words

part 2

Describe, in your own words, the use of permanent funds in government trust accounting. Give an example or two to illustrate the concepts. 300 words

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