One of the minimum requirements for general purpose external financial reporting by governments is
A) Management's discussion and analysis (MD&A).
B) Transmittal letter.
C) Combining and individual fund statements.
D) Statistical information.

Question

Quizplus · Accepted Answer

Management's discussion and analysis (MD&A) is a required minimum element of external financial reporting by governments. It provides insight into the financial performance and activities of the government and highlights significant changes or challenges faced by the government during the period being reported. Transmittal letter, combining and individual fund statements, and statistical information may also be included in the external financial reporting but are not required minimum elements.

One of the Minimum Requirements for General Purpose External Financial