Which of the following is not required for a special-purpose local government engaged in only fiduciary type activities?
A) Statement of Fiduciary Net Assets
B) Statement of Revenues, Expenses, and Changes in Fiduciary Net Assets
C) Notes to the Financial Statements
D) Required Supplementary Information other than MD&A

Question

Quizplus · Accepted Answer

Special-purpose local governments engaged only in fiduciary activities do not prepare a Statement of Revenues, Expenses, and Changes in Fiduciary Net Assets, as fiduciary funds focus on net position and changes in net position, not on revenues and expenses.

Which of the Following Is Not Required for a Special-Purpose