What does the SSAP need to indicate regarding omitted data?

The Statement on Accounting Principles (SSAP) emphasizes the importance of transparency in financial reporting, particularly regarding omitted data. In this context, the correct indication is related to the omission of fiduciary funds.

Fiduciary funds represent money that one party holds on behalf of another and are a critical component of a governmental entity's financial statements. When fiduciary funds are omitted, it can lead to a significant misrepresentation of the entity’s financial position and its responsibilities. Reporting requirements dictate that any omissions must be clearly indicated in the financial statements, including the specific types of funds that are not presented, ensuring that users of the financial statements are aware of what is not included and can assess the completeness of the financial information provided.

This understanding assists stakeholders in making informed decisions based on a full understanding of the entity's obligations and the resources available. Omission of fiduciary funds can affect the accuracy and completeness of the financial assessments, thus making disclosure essential. The focus on omitted fiduciary funds directly ties into the entities' responsibility to report comprehensively and transparently.