GASB requires a reconciliation between the amount shown as GAAP expenditures in the basic financial statements and the amount shown in the budgetary comparison schedule.

Question

Quizplus · Accepted Answer

If the budget and actual columns of the budget-actual comparison schedule differ from GASB standards, the amounts in the actual column of the budgetary comparison schedule must be reconciled with the amounts shown in the Combined statement of Revenues, Expenditures and Changes in Fund Balances prepared in conformity with GAAP. This may be done on either the face of the budgetary comparison schedule or in a separate schedule.

GASB Requires a Reconciliation Between the Amount Shown as GAAP