What are the main distinctions that you would see

Reference no: EM13134655

Special-purpose governments may be stand-alone local governments or may be component units of other governments that are issuing separate reports. GASB does not give a clear definition of either general-purpose or special-purpose governments. The distinction is not always between types of governments, as one government (say, a township) may be either a general-purpose or special-purpose government, for purposes of financial reporting.

Financial reporting for a special-purpose local government depends upon whether that government is engaged in governmental-type activities, business-type activities only, or fiduciary-type activities only.

in terms of reporting as each of the three types, what are the main distinctions that you would see? Where is the overlap?

Reference no: EM13134655

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