Financial Statement Analysis

The week’s reading is on financial statement analysis. There is more focus on reporting results using financial accounting. Financial statements in this respect have been viewed as vehicles that can be used to communicate the results operations and the financial position of the entity. In particular, there is an assessment of the relationship between objective and subjective measures of fiscal condition using Government-Wide Statements, which is contained in an article for the week’s reading. This is based on a research on Government Accounting Standards Board (GASB) Statement 34 during the great Recession. The study utilizes a sample of Wisconsin counties to help derive actual data for the research. There is the utilization of GASB Statement No. 34-based financial reporting and a survey of county administrators’ perceptions of the fiscal condition in order to examine the relationship between subjective and objective measures of fiscal condition.  The findings show that simple correlations between self-reported measures (subjective) and government-wide measures of fiscal condition (objective) are scattered. The research finds little evidence that objective fiscal condition indices are related to subjective administrative assessments of fiscal condition.

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