GASB and FASB Concept Statements establish accounting standards that must be complied with to receive an unqualified audit opinion.

Name: GASB and FASB Concept Statements establish accounting standards that must be complied with to receive an unqualified audit opinion.
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Question

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Concept statements do not establish accounting standards but primarily serve to guide standard setting bodies. Governments must comply with GAAP as established by Statements to receive unqualified audit opinions.

GASB and FASB Concept Statements Establish Accounting Standards That Must