From the first e-Activity, evaluate the effect the GASB on the municipal securities market. Considering the credit crisis, as an investor, assess whether or not you would place more reliance on the analyst’s report or the disclosures in the financial statements if they were prepared in accordance with GASB requirements? Explain your rationale.
Assume the government of the town or city in which you live has earned a return on its pension fund portfolio that far exceeds the average earned by other governments. Determine whether the government where you live should be concerned about this high rate of return or not. Explain your rationale.
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