In your own words state the primary uses the GASB believes external us.docx

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In your own words state the primary uses the GASB believes external users have for financial reports of state and local governments. For contrast, state the uses the FASB believes external users have for the financial reports of not-for-profit organizations. Solution Uses the GASB believes for external users The financial reports of the state and local governments are widely used by the citizens , legislative and ovesight bodies , and invetors and creditors.Financial reports are to provide information to the users and make government accountable .Also many users do not have enough resources to get the needed indformation and reports are a ssource of information.financislr reports are a great source to them.Financial reports are a great source to provide decision making information.Information generally provided is either for general purpose or for specific purpose. General purpose reporting is to meet the common needs and special purpose meet either (a) legal / contractual needs (b) special accounting nees (c) prescribed format (d) report specific element. Financial reports makes government accountable which is public right. Also it helps in assessing whether current year revenues were sufficient enough to cover the expenses and assessing how much burden of tax they need to bear. Thus GASB believes need external users have are:;(1) compare adopted budgeted with the catual results (2) assess financial condition (3) whether rules , regulations and laws were met (4) to assess efficiency and effectiveness. On the other hand FASB believes that financial repots of not - for profit organisation should provide information on the following (1) decisions related to resource allocation (2) service assessing and its ability to provide the same (3) evaluating management perforamnce and stewardship and (4) to report about economic resources , obligations , net resources and change in them. .

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