Set 8 FR 37 Public Sector Accounting Standards Flashcards
1
Q
Typical users of government statements
A
public, legislators, analysts, other governments
2
Q
what are users looking to see?
A
how revenues are faring, how finances are managed, short-term and long-term cash projections and viability of programs etc
3
Q
objectives of reporting
A
provide an account of the nature of financial resources controlled by gov
describe financial position at end of the period, showing how they will finance activities, meet liabilities and finance future services
describe changes to government financial position
4
Q
who oversees reporting
A
PSAB - public sector accounting board
