As we often discuss in this space, generally accepted accounting principles (GAAP) for governments set by the Governmental Accounting Standards Board (GASB) use a financial reporting model that is based on the financial accountability of elected officials. In government, financial statements can include any number of legally separate governmental entities in cases where elected officials of one government are financially accountable for the affairs of other governments. This is the second of several articles exploring some of the complexities that arise from this special form of consolidation, called a financial reporting entity.

• Publication date: December 2023
• Authors: Michele Mark Levine, Todd Buikema, CPA, and Susannah Filipovic