As used by GASB, interperiod equity refers to which of the following? Financial reporting should:
A)Demonstrate compliance with finance-related contractual requirements.
B)Provide information to determine whether current-year revenues were sufficient to pay for current-year services.
C)Demonstrate whether resources were obtained and used in accordance with the entity's legally adopted budget.
D)Provide information to assist users in assessing the government's economy, efficiency, and effectiveness.

Question

Quizplus · Accepted Answer

Interperiod equity refers to ensuring that current taxpayers are not burdened with the cost of services that were provided in a prior period or that will be provided in a future period. Therefore, financial reporting should provide information to determine whether current-year revenues were sufficient to pay for current-year services.

As Used by GASB, Interperiod Equity Refers to Which of the Following