The Governmental Accounting Standards Board (GASB) stated that an objective of financial reporting is to measure interperiod equity, that is-"Financial reporting should provide information to determine whether current-year revenues were sufficient to pay for current-year services." What is your understanding of interperiod equity? What costs incurred in the current year should be paid for by the taxpayers of the current period? What costs incurred in the current year should be paid for by future taxpayers?

Question

Quizplus · Accepted Answer

The Answer of The Governmental Accounting Standards Board (GASB) stated that an objective of financial reporting is to measure interperiod equity, that is-"Financial reporting should provide information to determine whether current-year revenues were sufficient to pay for current-year services." What is your understanding of interperiod equity? What costs incurred in the current year should be paid for by the taxpayers of the current period? What costs incurred in the current year should be paid for by future taxpayers?

The Governmental Accounting Standards Board (GASB) Stated That an Objective