GASB requires both extraordinary and special items to be reported separately after other financing sources and uses in the general and special revenue fund financial statements.

Question

Quizplus · Accepted Answer

GASB does require both extraordinary and special items to be reported separately after other financing sources and uses in the general and special revenue fund financial statements. This requirement is included in GASB Statement No. 34, which provides guidance on the financial reporting requirements for state and local governments.

GASB Requires Both Extraordinary and Special Items to Be Reported