Which financial reporting aspect is applicable to government-wide statement of position?

The government-wide statement of position, prepared under the accrual basis of accounting, aims to provide a comprehensive overview of a government's overall financial position. This includes all assets, liabilities, and net position.

When it comes to liabilities, the statement encompasses all types of obligations, including both current and long-term liabilities. This is important for providing a full perspective on the government's financial situation, as it allows stakeholders to see not just immediate financial commitments but also those that may impact future financial health.

Reporting all liabilities helps ensure transparency and accountability, essential aspects of public financial management. By disclosing the full range of liabilities, the financial statements allow for an accurate assessment of the government’s fiscal sustainability and the potential implications of its borrowing and repayment strategies. This is particularly relevant for stakeholders who are interested in understanding the long-term financial stability and fiscal health of governmental entities.