| A | B |
|---|
| Accountability | The belief that the citizenry has a right to know, a right to receive openly declared facts that may lead to public debate by the citizens and their elected representatives. |
| Basic Financial Statements | A term used by GASB Stmt. No. 34 to describe required government-wide and fund financial statements. |
| CAFR | The Comprehensive Annual Financial Report. A governmental unit's official annual report prepared and published as a matter of public record. |
| FASAB | Federal Accounting Standards Advisory Board, created to recommend accounting principles and standards for the federal government and its agencies. |
| FASB | Financial Accounting Standards Board. The entity responsible for establishing accounting and financial reporting standards for non-governmental and not-for-profit entities. |
| Fiscal Accountability | Current-period financial position and budgetary compliance reported in fund-type financial statements of governments. |
| Fund Accounting | An accounting system organized on the basis of funds, each of which is considered a separate accounting entity. |
| Fund Financial Statements | A category of the basic financial statements that assist in assessing fiscal accountability. |
| General Purpose Financial Statements | The term used prior to GASB Stmt. No. 34 to describe the five combined financial statements of a reporting entity that are required for conformity with GAAP. |
| General Purpose Governments | Governments that provide many categories of services to their residents, such as states, counties, municipalities, and townships. |
| GASB | Governmental Accounting Standards Board. The entity with the responsibility for establishing accounting and financial reporting standards for not-for-profit organizations that are considered to be governmental in character. |
| Government-Wide Financial Statements | Two statements prescribed by GASB Stmt No. 34 designed to provide a highly aggregated overview of a government's net assets and results of financial activities. |
| Interperiod Equity | A term coined by the GASB indicating the extent to which current-period revenues are adequate to pay for current-period services. |
| MD&A | Management's Discussion and Analysis. The narrative in which management provides a brief, objective, and easily readable analysis of the government's financial performance for the year and its financial position at year-end. |
| Operational Accountability | Information useful in assessing operating results and short- and long-term financial position and the cost of providing services from an economic perspective reported in entitywide financial statements. |
| RSI | Required Supplemental Information. Information that is required by GAAP to be included with audited annual financial statements. |
| SEA | Service Efforts and Accomplishments. A conceptualization of the resources consumed (inputs), tasks performed (outputs), and goals attained (outcomes), and the relationship among these items, in providing services in selected areas. |
| Special Purpose Governments | Governments that provide only a single function, or a limited number of functions, suich as independent school districts and special districts. |
