Describe each of the main sections of the report

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Problem 1 - GASB 34 introduced the requirement for state and local governments to additionally report financial statements using a government-wide approach along with traditional governmental fund statements. Please describe the issues that occurred with government reporting prior to GASB 34, what benefits both sets of statements bring now, and key elements of both approaches included in the CAFR.

Problem 2 - Using the City of New York's CAFR for 2020 as a guiding reference, describe each of the main sections of the report and the importance of each to the citizens to understand results. Describe 3 key activities that are included in the General Fund and where one might find detailed/useful information on these throughout the report.

Reference no: EM132844790

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