Question

First, why have accountability and control been so important in the traditional accounting for state and local governments?

Second, how has the dual system of financial statements impacted the financial reporting of state and local governements?

Answer 1

ANSWER :

Accountability and control have been significant in customary representing governments at the state and the nearby level. This was a direct result of the arrangements of Government Accounting Standards Board (GASB) which prompted a circumstance in which government accounting and money related detailing guidelines prompted having suggestions for open planning. Proclamation no. 34 of GASB expressed that open responsibility could be shown by utilizing financial plans as a device. Responsibility and control picks up its significance because of the financial control accentuation of the administration at the state and neighborhood level.

Additionally the customary methodology of government bookkeeping had put need and accentuation on singular responsibility. This need was set for the different government exercises.

Dual system of financial statements  has affected the money related announcing of state and nearby governments in a positive way. The framework has permitted the administration to proceed with its emphasis on its present monetary assets in its reserve budget reports.

All the more significantly it has permitted the administration to give extra information in a broad way with respect to its benefits and liabilities. This guarantees needs of the clients are met in a wide based way.

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