According to GASB Concepts Statement No

question 48

Essay

According to GASB Concepts Statement No. 1, what are the three groups of primary users of external state and local governmental financial reports?

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Definitions:

Federal Agencies

Government bodies established by the United States Congress to implement and administer specific federal laws and policies.

Providing Records

The process or action by which an individual or entity supplies or makes available documents or data as required by law or agreement.

Electronic Means

The utilization of digital or electronic equipment and technology to communicate, process, or store information.

Creating Records

entails the process of documenting or recording information or transactions for the purpose of establishing evidence or maintaining an official account.