Please answer discussion in 3 to 5 sentences.1. evaluate the effect the GASB on themunicipal securities market. Considering the credit crisis, as aninvestor, assess whether or not you would place more reliance on the analyst’sreport or the disclosures in the financial statements if they were prepared inaccordance with GASB requirements? Explain your rationale.2. Assumethe government of the town or city in which you live has earned a return on itspension fund portfolio that far exceeds the average earned by othergovernments. Determine whether the government where you live should beconcerned about this high rate of return or not.Discussion2Capital Assets’ Please respond to the following: 3. examine the purpose for the issuanceof “Statement of Federal Financial Accounting Standards (SFFAS) No. 40” anddetermine if you agree or not. Explain your rationale.4. Evaluatethe potential problems that can exist when comparability of asset conditionscannot be made within an agency and with other agencies. Suggest how theseproblems may be minimized.
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