In Your Own Words State the Primary Uses the GASB

question 59

Essay

In your own words state the primary uses the GASB believes external users have for financial reports of state and local governments. For contrast, state the uses the FASB believes external users have for the financial reports of not-for-profit organizations.

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Definitions:

Net Asset Value

The total value of an entity's assets minus the total value of its liabilities, often used in evaluating investment funds.

Year-End Assets

The total value of all assets held by an individual, company, or institution at the conclusion of a fiscal year.

Liabilities

Financial obligations or debts a company owes to others, which must be settled over time through the transfer of economic benefits.