Valley Town’s public school system is administered by a separately elected board of education. The board of education is not organized as a separate legal entity and does not have the power to levy taxes or issue bonds. Valley’s city council approves the school system’s budget. How should Valley report the public school system’s annual financial results?

Question

14-04-2020
Business

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Valley Town’s public school system is administered by a separately elected board of education. The board of education is not organized as a separate legal entity and does not have the power to levy taxes or issue bonds. Valley’s city council approves the school system’s budget. How should Valley report the public school system’s annual financial results?

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Shariqahmed Shariqahmed · Answer 1 · 2020-04-17T03:36:01+02:00

Answer:

Valley Town's Board of Education is a specific reason nearby government with an independently chosen board, however it's anything but a different lawful substance and it doesn't have the ability to impose duties or issue obligation. The overseeing capacity of the board is so interlaced with the town and the element is so reliant on the essential government (it bombs the SELF test and is anything but a lawful substance) that it is unmistakably a segment unit. The disappointment of the legitimate substance part of the SELF test brings about utilizing the mixed strategy to report inside Valley Town.

Rule: Blending is utilized when the segment unit is so interwoven with the essential government that it is in substance equivalent to the essential government. One sign of a segment unit's mixing with the essential government is its disappointment of the "lawful substance" test. Substances that are not lawfully separate elements are mixed with the essential government.