Explain the minimum requirements for general purpose external financial reporting for state and local governments

Expert Solution

The minimum desired requirements for general purpose external financial reporting for state and local governments are:

Comparison of the actual financial results is possible with the legal budget adopted by government.
The assessment of the organization’s financial conditions and performance along with the results of operations could be available to the external analyst.
The external agency would able judge the governance of the organization follows all laws, rules and regulations set-up by the government.
All those financial statements and results should be provided to the external agency which will assist them in evaluating and judging the efficiency and effectiveness of the organization working.
The financial reporting on behalf of the Federal government should be such that it assists user agencies in evaluating a) Budgetary evaluation, b) Organization operation performance and c) proper availability of control systems.
The Not-for-Profit organization, the minimum requirements of reporting should provide data for assessing a) resources allocation b) services provided and their adequacy, c) management ability and performance judgement and d) economical use of the resources and disposal of obligations towards society.

ekkarill92 answered 1 year ago

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