GASB Statement 34, Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments, provides guidance for reporting by special-purpose entities. That guidance depends upon whether special-purpose entities are engaged in activities that are governmental-type, business-type only, or fiduciary-type only. Discuss the guidance and list required basic financial statements for:
a.Governments engaged in governmental-type activities. Include those that are engaged in governmental- and business-type activities, more than one governmental activity, and only one governmental activity.
b.Governments engaged in business-type activities only.
c.Governments engaged in fiduciary-type activities only.
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