What Are the Two Sets of Financial Statements Mandated by GASB

question 27

Essay

What are the two sets of financial statements mandated by GASB for state and local governments? For each set, what are the names of the individual statements that must be produced?

---

Definitions:

Net 60

A payment term indicating that payment is due 60 days after the invoice date.

Effective Annual Rate

The interest rate on a loan or financial product restated on an annual basis, taking compounding into account.

Credit Terms

The conditions under which credit will be extended to a borrower, including repayment periods and interest rates.

Net 45

A payment term indicating that payment is due 45 days from the invoice date.