1. What are the minimum requirements that need to be externally reported by a state or local government per SGAS 34 (Statement of Governmental Accounting Standards)? What type of accounting is used for government-wide financial statements as opposed to fund statements? What are the reconciliations required as a result of this? Do you expect the fund balances after a reconciliation to be always larger than the full accrual net position balances? Explain why or why not.