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Discuss the basis of accounting required by gaap

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Reference no: EM131766199

If state law requires that local governments prepare General Fund and special revenue fund budgets on a basis that differs from the basis of accounting required by GAAP, then the budgetary comparison schedule or statements should

Be included with budget figures and actual figures adjusted to the GAAP basis.

Not be included as part of the basic financial statements.

Be included with the actual figures presented on the budget basis and then reconciled to the GAAP basis.

Be included as part of management's discussion and analysis (MD&A).

Reference no: EM131766199

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