Question

The minimum requirements for general purpose external financial reporting are (1) management's discussion and analysis (MD&A), (2) the basic financial statements, including the notes to the financial statements, and (3) combining and individual fund financial statements.A. TrueB. False

Answer 1

False

Step-by-step explanation:

Although the first two items i.e ( Management Discussion & analysis and The basic financial statement including the notes to the financial statements) listed are part of the minimum requirements, combining and individual fund statements are included in the typical comprehensive annual financial report (CAFR), but are not part of the minimum GAAP requirements for governmental financial reporting.