Entities which are determined to be component units of state and local governmental units must be discretely presented in the financial statements.

Question

Quizplus · Accepted Answer

GASB Codification Sec. 21 establishes that the financial reporting entity is the primary government together with its component units. GASB standards provide two methods for including component unit financial information with that of the primary government; blending and discrete presentation.

Entities Which Are Determined to Be Component Units of State