Question

Both the GASB and the FASB require entities to include a management discussion and analysis in the financial reports.

Answer 1

False

Step-by-step explanation:

These two agencies do not need entities to add the breakdown of management in their financial report. GASB is the agency that is authorized to the basics of accounting for different government levels. On the other hand FASB was established to ensure that not-for-profit organisations outlined their assets in the necessary categories.