Determining the Financial Reporting Entity

Question 1

What are the characteristics of a Primary Government (Oversight Unit)?

Answer 1

-Separately elected governing body, legally separate, and fiscally independent

Question 2

What is a Financial Reporting Entity?

Answer 2

-A primary government and its component units

Question 3

Which component units use discreet presentation?

Answer 3

-Those that provide services to other than the primary government