A governmental financial reporting entity is comprised of all of the following EXCEPT

A governmental financial reporting entity includes:

The primary government

Legally separate organizations for which the primary government is financially accountable

Other organizations whose exclusion would render the financial statements misleading or incomplete (per GASB Statement No. 14 and No. 61)

Merely keeping records for an organization does not make it part of the financial reporting entity unless there is financial accountability or a significant relationship.

Relevant References:

GASB Statement No. 14 – The Financial Reporting Entity

GASB Statement No. 61 – Omnibus Amendments to GASB No. 14

GASB Codification Section 2100 – Reporting Entity

Answer: B. any organization for which records are kept by the primary government

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