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Describe the objectives of financial reporting

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Question: (Objectives of financial reporting) An objective of business enterprise financial reporting is to provide "information about an enterprise's performance provided by measures of earnings and its components." City governments, however, are not concerned with "earnings." One of the financial reporting objectives cited by the GASB regarding governments is that reporting should show whether current-year revenues were sufficient to pay for current-year services. Based on these objectives, comment on the following assertions:

a. Accrual accounting is not necessary in governmental financial reporting.

b. Financial reporting alone is insufficient for measuring governmental performance; there is also a need for reporting on program efficiency and effectiveness.

Reference no: EM131704560

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