GASB Concept Statements Flashcards
1
Q
What is the budget?
A
-An expression of public policy and financial intent as a method of providing control
2
Q
What are the two main purposes of financial reporting according to the GASB Concept Statements?
A
-Accountability and Interperiod Equity
3
Q
What information is required under GASB Concept Statements?
A
- Basic financial statements
- Notes
- Required Supplementary Information, NOT Other Supplementary Information
4
Q
What are the 5 elements of the statement of financial position under GASB Concept Statements?
A
- Assets
- Liabilities
- Deferred Outflow of Resources
- Deferred Inflow of Resources
- Net POSITION
5
Q
Is SEA Reporting required?
A
-No
