Which of the following pairs is included as GASB required financial statements?

The combination of the Statement of Net Position and the Statement of Activities is indeed a fundamental requirement under the Governmental Accounting Standards Board (GASB) guidelines. The Statement of Net Position provides a snapshot of the financial position of a governmental entity at a specific point in time, presenting its assets, liabilities, and net position. This statement is crucial as it reflects the resources available to the government and the obligations it must settle.

The Statement of Activities complements this by detailing the changes in net position over a reporting period. It outlines the revenues earned and expenses incurred, allowing users to assess the financial performance of the entity and understand how resources are being utilized.

Together, these statements give a comprehensive view of both the governmental entity's current financial status and its operational outcomes, which is essential for stakeholders such as taxpayers, legislators, and auditors who need to evaluate fiscal health and service provision effectiveness. The pairing of these specific statements is mandated to ensure that government entities provide consistent and transparent financial information, promoting accountability and informed decision-making.