Government Financial Reporting

Government Financial Reporting

Question:

"Government Financial Reporting" Please respond to the following:

1) Discuss the rationale for GASB requiring raw sets of financial statements, each with a different measurement focus and basis for accounting for government activities. Do you agree with this rationale or not? Explain why.

2) **From the third e-Activity, compare and contrast the GASB standards setting process and the process used by the FASB to set financial accounting standards. Which method do you think is the most effective? Explain.

**Use the following to answer question #2:

Go to the GASB Website section regarding “How Standards are Set”t t t t located athttp://gasb.org/jsp/GASB/Page/GASBSectionPage&cid=1176156714545 and read the four articles listed there (Due Process: GASB is Listening; Due Process: The Comment Letter; Due Process: The Public Hearing; and Task Forces and Advisory Committees). Be prepared to discuss. 

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