Directions: 100 words on question 2 only.
We have talked a lot about the differences between government wide statements and fund statements. Now we are looking at the actual conversion of fund statements to government-wide.
Problem 1. What GASB statement requires government wide statements and why? This answer should include a comment on the measurement focus and basis of accounting used.
Problem 2. Through what tool or method is the conversion accomplished? And alternately, how is it NOT accomplished?