Question

According to gasb concepts statement no. 1, what are the three groups of primary users of external state and local governmental financial reports?

Answer 1

The three groups of primary users of external state and local governmental financial reports are The citizenry, legislative and oversight bodies, and investors and creditors

GASB Concepts Statement No. 1

This Concepts Statement is one of a series issued or will be issued by the GASB. The purpose of Concept Statements is to create a conceptual framework of interrelated objectives and fundamental concepts that can be used to generate consistent accounting and financial reporting standards.

The demands of people who utilize governmental financial reports and the features of the state and local governmental operational environment both have an impact on the aims of governmental financial reporting.

Governmental and commercial operations are the two categories into which the activities of governmental bodies have historically been split.

To learn more about GASB Concepts Statement No. 1

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