Which of the following is not true regarding GASB Concepts Statement No.2,Service Efforts and Accomplishments Reporting:
A) It encourages governments to experiment with reporting more complete information about an entity's performance than can be displayed in the traditional financial statements.
B) It outlines categories of information that might be reported.
C) It prescribes detailed standards governing the reporting of service efforts and accomplishments reporting.
D) None of the above, all are true.

Question

Quizplus · Accepted Answer

GASB Concepts Statement No.2, Service Efforts and Accomplishments Reporting, does not prescribe detailed standards governing the reporting of service efforts and accomplishments reporting. Instead, it provides guidance and encourages governments to experiment with reporting more complete information about an entity's performance than can be displayed in the traditional financial statements, outlining categories of information that might be reported.

Which of the Following Is Not True Regarding GASB Concepts