FAR 10

Question 1

Statement of Fiduciary Net Position

Answer 1

-The statement identifies major assets and liabilities. Liabilities are subtracted from assets to gain a net position called net position held in investment trust

Question 2

Operational & Fiscal accountability

Answer 2

• Operational: Focus of government wide financials (Net position & activities) to report the extent that the gov has met its objectives effectively and efficiently.
• Fiscal: Focus of fund financials (GRaSPP, SE, CIPPOE) to demonstrate that the gov’s decisions during the current period were align with public decisions.

Question 3

Blended Presentation

Answer 3

Used when one or more of the following is satisfied:

• board of component unit is essentially the same
• component serves primary gov almost exclusively
• not a separate legal enitity

Question 4

Discrete Presentation

Answer 4

Used when criteria for blended presentation is not met

-Most components use discrete