1.GASB Statement No. 34 has been widely criticized for mandating the preparation and presentation of government-wide statements. Critics contend that the benefits of the statements are not commensurate with the costs associated with preparing them. As the fiscal manager for a government unit enforcing adherence to these standards, critique the current requirements and demonstrate the added values provided by these reporting formats to the users.

2.As an accounting professional, you are accustomed to using a budget as a financial decision-making tool, whereas in governmental and not-for-profit accounting, a budget is mandatory.

-Why is the budget given this much importance at the government and non-for-profit levels?

-Why is understanding and applying the concept of “interperiod equity” necessary in planning your organization’s budget and its actual implementation?

3.With your basic understanding of the fund structure reporting requirements for government entities, why must individual funds be displayed in a government’s annual report. How are the same requirements relevant or not in not-for-profits?

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