The management's discussion and analysis (MD&A)required in general purpose federal financial reporting is different than that required by GASB of state and local governments in that:
A)Federal agencies should address the reporting entity's performance goals and results in addition to financial activities.
B)It is outside the general purpose federal financial report and is optional,not required.
C)It is a part of the basic financial statements.
D)There are no significant differences.

Question

Quizplus · Accepted Answer

The MD&A required in general purpose federal financial reporting is different than that required by GASB of state and local governments in that federal agencies should address the reporting entity's performance goals and results in addition to financial activities. This is not required by GASB of state and local governments. Therefore, the correct option is A.

The Management's Discussion and Analysis (MD&A)required in General Purpose Federal