Problem 1) Why are the basic financial statements of a government more so than those of a business inadequate as a basis for assessing the entity's fiscal health?
Problem 2) Both notes to the financial statements and required supplementary information (RSI) must be included in the government's CAFR. What, then, does it matter if information is provided in notes as opposed to RSI?
Problem 3) Many public universities are quite similar to their private counterparts. Indeed, some large state universities receive less than 25% of their resources from the state. How do you explain the substantial differences in their reporting practices?
Problem 4) Which do you think enterprise funds should follow - FASB or GASB?