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.

Explanation:

For external users, the GASB believes:

Financial reports from the State and local authorities are commonly used by residents, regulatory and supervisory agencies and taxpayers and creditors. The financial reports are intended to provide consumers with information and to hold the government accountable. Financial reports are a good source of information about them. Financial reports provide an essential source of information for decision-making purposes.The reporting of general purposes shall meet the common needs and a particular purpose shall be to meet either (a) legal / contractual needs (b) special accounting needs (c) prescribed format (d) report specific element.

Financial reporting provides for the public right to government. It also helps to determine whether current year earnings are sufficient to cover expenses and to assess the tax burden they have to bear.

Therefore the GASB assumes that external consumers must be:

(1) equate the budget of implementation with the actual results

(2) evaluate the financial situation

(3) that guidelines, regulations and legislation have been complied with

(4) to determine quality and performance.

On the other hand, FASB claims that non-profit agency financial reports should provide data at

(1) allocation of resources decisions

(2) evaluation of operation and its ability to provide

(3) evaluations of management efficiency and stewardship, and

(4) document on economic resources, net services responsibilities and improvements.

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