According to GASB Statement 14, The Financial Reporting Entity, a financial reporting entity is a primary government, along with its component units. It can be a state, general or special purpose government alone, or include its component units if it is financially accountable for any other organizations.
Along with Tracy's comment, the Financial Reporting Entity and its component units are legally separate organizations the the primary government elected officials are finanically accountable for. These components can include any organization of any nature that if not reported, would cause misleading or incomplete financial statements.
According to GASB Statement 14, The Financial Reporting Entity, a financial reporting entity is a primary government, along with its component units. It can be a state, general or special purpose government alone, or include its component units if it is financially accountable for any other organizations.
ReplyDeleteAlong with Tracy's comment, the Financial Reporting Entity and its component units are legally separate organizations the the primary government elected officials are finanically accountable for. These components can include any organization of any nature that if not reported, would cause misleading or incomplete financial statements.
ReplyDelete