Required Statements: State/Local vs. Federal vs. Nonprofit

If you only read one thing Three standard-setters, three different required statement sets — but you’ll live in GASB’s world for the rest of this track.

Builds on FM1.2 GASB = state/local government. FASAB = federal government. FASB = private business and nonprofits. This page shows what each one actually requires you to produce.

Why This Matters

Most of this track stays inside GASB’s world, since that’s where you’ll actually be working.

You’ll encounter federal and nonprofit reporting at the edges of the job, though, and seeing the required statements side by side sharpens what makes GASB’s approach distinct in the first place.

What’s Actually Going On

Three independent lists — not a matched grid. There’s no row-by-row equivalent across standard-setters.

The federal Statement of Net Cost shows net cost of operations by responsibility segment. The Statement of Budgetary Resources tracks budget authority — no direct GASB equivalent.

Nonprofit statements under FASB borrow heavily from for-profit structure, since FASB governs both, just adjusted for the absence of ownership equity.

How This Applies

You’ll spend the rest of this track producing and reading GASB’s version of these statements.

Federal statements mostly come up through grant compliance work rather than something you produce yourself. Nonprofit statements are worth recognizing if you work alongside a private foundation or nonprofit partner, so their numbers don’t look like they’re speaking a foreign language.