If the State and Local Governments Are Not Ready to Meet

Multiple Choice

If the state and local governments are not ready to meet the guidelines of GASB 34, the consequences may be serious and costly. The implications of noncompliance include all of the following EXCEPT:

A) Qualified or adverse opinion on financial statements from external auditors.
B) Improves financial credibility.
C) Possible regulatory violations and Diminished public trust.
D) Decrease in bond rating and corresponding increase in cost of financing debt.