AICPA Technical Questions and Answers TQA Section 9160.31–.35 discusses: Whether an entity is a state or local government for purposes of determining whether it is using the appropriate set of accounting standards. How to report on the entity’s financial statements when the entity elects to follow either a different set of standards or a special-purpose framework. Section 9160, Other Reporting Issues are as follows .35 Reporting on Indian Tribe Financial Statements Prepared in Accordance With Accounting Standards as Promulgated by FASB Inquiry —an Indian tribe (or a component thereof, such as a business component functioning like a commercial entity) that meets the GAAP definition of a state or local government prepares its financial statements in accordance with accounting standards as promulgated by FASB. In such situations, may an auditor report on whether the entity’s financial statements are presented, in all material respects, in ac...
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