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What is a component unit of a state and local government

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Question - Comprehensive Annual Financial Reports (CAFRs) of state and local governments (municipalities, townships, counties, etc.) consist of two primary sets of financial statements: the government-wide financial statements and the fund financial statements. Also, these entities often consist of many funds. In preparing the fund financial statements, the GASB set criteria for a fund to be considered a "major" fund and as such to be shown individually on the fund financial statements. Please state what these criteria are? What is a "component unit" of a state and local government?

Reference no: EM132997721

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