Reference no: EM131771842

Answer each question completely including any resources used in the completion of your response.

What are the key elements included in Governmental Financial Statements? How do the Government reports, based on GASB guidelines, differ from the GAAP Financial Statements of "For Profit" entities? How are they similar? Are there any issues you have noted during your research that you believe might provide a better source of information pertaining to the GASB reports?

What is the difference between an APPROPRIATION and an ENCUMBERANCE for GASB reporting? How are they recognized in the Budgetary and Operational Statements accounts?

How are GOVERNMENTAL Budgets established? What are the key drivers/purposes of the BUDGET Process? What elements do they include pertaining to the political process? What is the IMPACT of RESTRICTIONS on the Budget Process? How does a RESTRICTION impact a funding decision?

Most of the Government Accounting Standards Board guidelines (GASB) are based upon Generally Accepted Accounting Principles (GAAP). Unfortunately, the end users of the reports are extremely different and therefore the information contained in a GAAP report may not be necessary for a GASB report. Stat 56: Going Concern Disclosures is an example of this issue pertaining to reporting differences. Are the current Going Concern Disclosures necessary for State & Local Governments? Will a government really ever cease to exist the way a "for-profit" entity might?