GASB 34 establishes financial reporting standards for state and local government. Basic financial statements and required supplementary information for general purpose govemments should consist of: Liftable financial statements, notes to the financial statements, and statistical schedules. Generai purpose financial statements, notes to the financial statements, combining financial statements and statistical schedules. Basic financial statements and required supptementary information introduced after the basic financial statements. Managements Discussion and Analysis, Basic Financial Statements and Required Supplementary Information