What are the differences in the financial statement users for federal financial statements and state and...

What are the differences in the financial statement users for federal financial statements and state and local financial statements?

Expert Solution

Differences in financial statement users for Federal financial statement and state and local financial statement are as follows-

A. Users for financial statement of Federal government will always be very limited in nature and they will mostly be related to persons with Federal Government and users of financial statement of state and local government will be mostly associated with state governments Federal governments local governments as well.

B. Uses of financial statement of Federal governments will be very small in comparison to users for state and local level of government.

C. Uses of Federal government will be not concerned about various confidential informations because they are only disclosed to Congress, whereas uses for local and state government will be provided with high level of transparency and public disclosure.

it can be said that the financial statement users for Federal financial statements are very limited in nature where is financial statement users for state and local government are a large number of users and they will be having a high degree of transparency and public disclosure as well.

jeff jeffy answered 2 years ago

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What are the differences in the financial statement users for federal financial statements and state and...

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