GASB Statement 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State…

GASB Statement 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, provides guidance for reporting by special-purpose entities. That guidance depends upon whether special-purpose entities are engaged in activities that are governmental-type, business-type only, or fiduciary-type only. Discuss the guidance and list required basic financial statements for:

a. Governments engaged in governmental-type activities. Include those that are engaged in governmental- and business-type activities, more than one governmental activity, and only one governmental activity.

b. Governments engaged in business-type activities only.

c. Governments engaged in fiduciary-type activities only.