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What Are the Two Groups of Financial Statements Mandated by GASB

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Essay

What are the two groups of financial statements mandated by GASB Statement No. 34? For each group, what are the names of the individual statements that must be produced?


Definitions:

Percent Change

A mathematical calculation that indicates the percentage difference between two values, often used to measure growth or decline.

Initial Value

The starting amount before any additions, subtractions, or other changes are made.

Percent Change

A measure that indicates how much a quantity has increased or decreased in percentage terms over a specified period.

Wholesale Cost

The cost of goods purchased in large quantities directly from manufacturers or distributors before any markup for retail sale.

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