11.The Federal Accounting Standards Advisory Board requires less extensive reports than does the FASB or GASB.
12.The FASAB requires more financial statements than are typically required of state and local governments.
13.The only objective of the Governmental Accounting Standards Board is to help users determine compliance with finance-related laws, rules, and regulations.
14.Governments must have as many funds as necessary to fulfill legal requirements and sound financial administration but must have at a minimum a General Fund.
15.A Management's Discussion and Analysis is required forstate and local governmental units, and the federal government.
16.The GASB Concept Statement on Service Efforts and Accomplishments Reporting encourages state and local governments to include inputs of nonmonetary resources in their financial reporting.
17.Although certain supplementary information may notbe required, if presented, it must follow GASB guidance regarding its format and content.
18.The GASB Concept Statement on Service Efforts and Accomplishments Reporting requires state and local governments to include inputs of nonmonetary resources in their financial reporting.
19.The format and content of supplementary information which is
not
required by GASB is up to the discretion of the reporting entity
20.GASB and FASB Concept Statements establish accounting standards that must be complied with to receive an unqualified audit opinion.