21.GASB and FASB Concept Statements establish accounting standards that must be complied with to receive an unqualified audit opinion.
22.FASAB, GASB and FASB standards are set forth primarily in documents called interpretations.
23.Fund-basis statements are presented for three categories of government activities: governmental, proprietary, and fiduciary.
24.State and local governments may use eleven different fund types.
25.The economic resource measurement focus and accrual basis of measurement is an important feature of government-wide financial statements.
26.Business activities fund statements must be changed to the accrual basis from the modified accrual basis when preparing government-wide financial statements.
27.Governmental activities fund statements may use modified accrual basis when preparing government-wide financial statements.
28.Fiduciary funds of a governmental unit use the current financial resources measurement focus and modified accrual basis of accounting
29.The government-wide statements and the fund statements for proprietary funds and fiduciary funds use the economic resources measurement focus and the accrual basis of accounting.
30.Under the accrual basis of accounting, revenues are recognized when measurable and available to finance expenditures of the current period.