Criteria for Reporting Entities
GAAP is GASB Statement No.14, The Financial Reporting Entity and GASB Statement No. 39, Determining Whether Certain Organizations are Component Units.
Reporting entity should consist of:
-primary government and
Primary government: any state government, general purpose local government, or a special purpose state or local government.
Special purpose government must:
-Have a separately elected governing body
-Be legally separate from primary government and be fiscally independent of other governments
-Have authority to determine its budget, levy taxes, and issue bonds.