Which standard issued by the Governmental Accounting Standards Board in 1999 requires two distinct sets of financial statements for state and local governments?
A) GASB Statement No. 32.
B) GASB Statement No. 33.
C) GASB Statement No. 34.
D) GASB Statement No. 35.
E) GASB Statement No. 36.

Question

Quizplus · Accepted Answer

GASB Statement No. 34 requires state and local governments to prepare two distinct sets of financial statements: government-wide financial statements and fund-based financial statements.

Which Standard Issued by the Governmental Accounting Standards Board in 1999