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Reporting Model-
Governmental Fund Statements
•Required statements:
•Balance Sheet
•Statement of Revenues, Expenditures, and Changes in Fund Balances
•Characteristics of governmental fund statements:
•Current financial resources
•Modified accrual
•Reconciliation required for both statements
Still reported on a modified accrual basis.

Reconciliation of net assets of governmental funds to net assets presented in the government wide statements is required on the fact of this statements.

Fund balance should be either reserved or unreserved.

Extraordinary and special items is a new categorization added to the statement of revenues, expenditures, and changes in fund balances.

Budgetary statement is not part of general purpose financial statements but is required supplementary information.