Is it true that GASB 34 requires a reporting entity to include in its Required Supplementary Information (RSI) a section captioned “Managements Discussion and Analysis” (MD&A)?
Yes. Financial statements conforming to GASB 34 must contain a section which serves to introduce the basic financial statements to the reader and provides an analytical overview of the reporting entity’s financial activities for the accounting period. The MD&A is required to be presented before the basic financial statements in the financial report, although it is a component of the RSI.
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