Government wide statements and Fund statements

Comparison of government-wide financial statements with fund-based financial reporting.

Claire Mitchell

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GOVERNMENT–WIDE STATEMENTS AND FUND STATEMENTS1Government wide statements and Fund statementsFollowing the American Psychological Association’s GuidelinesStudent NameUniversity NameIn your analysis of government-wide and fund statements, explain the distinction between thesetwo types of financial statements in governmental accounting. How do they differ in terms oftheir purpose, reporting approach, and the audience they serve? Discuss the significance ofGASB No. 34 in shaping the current reporting model and the challenges faced by governments indistinguishing between internal and external users. Use at least 750 words to support youranswer.

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