Which of the following is identified by the GASB as the "cornerstone" of all financial reporting in government?
A) Understandability.
B) Representational faithfulness.
C) Accountability.
D) Interperiod equity.

Question

Quizplus · Accepted Answer

According to GASB, the cornerstone of financial reporting in government is Accountability, which means the government is responsible for ensuring that its actions are transparent, explainable, and answerable to its stakeholders.

Which of the Following Is Identified by the GASB as the "Cornerstone