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:

Supreme Court

The highest judicial body in a country or state, with ultimate appellate jurisdiction and often the authority to interpret the constitution.

Judicial Philosophy

The underlying set of ideas and beliefs that guide a judge or jurist in making decisions on legal issues, often reflecting their interpretations of the law and the Constitution.

Judicial Activism

The practice where judges make rulings based on personal or political considerations rather than on existing law, often leading to decisions that enact new policies.

Judicial Restraint

A philosophy where judges play a minimal policymaking role, interpreting the Constitution and laws strictly and deferring to the legislative and executive branches.