Visit GASBs website, locate and read the 6 concept statements, and prepare an analysis and evaluation of the governmental accounting conceptual framework and provide your opinion and suggestions for any improvement.

Your paper should include the following:

1. Brief description of the unique characteristics of state and local governments operations and environment.
2. Examination of the accountability concept in government financial reporting.
3. Discussion of the objectives of financial reporting. Do you think these objectives should be different for government-type activities than business-type activities? Defend your opinion.
4. Analysis of the limitations of government financial reporting.
5. Evaluation of financial reporting for services efforts and accomplishments.
6. Description of the relationship of basic financial statements, notes to the financial statements, and supporting information presented in the framework of general-purpose financial reporting.
7. A comparison table of GASBs and FASBs definitions of basic elements of financial statements (assets, liabilities, expenses, and revenues).
8. Do you agree that these definitions should be different for business enterprises than governmental units? Defend your opinion.
9. Discussion of the concept and definition of the deferred inflows of resources and deferred outflows of resources. Provide examples.
10. Analysis of the governmental accounting measurement attributes. Provide an example for each one.
11. Conclusion on the completeness of the governmental accounting conceptual framework along with your suggestion for improvement.