FAR Ch 9 - FAR Notes Chapter 9 http/cpacfa.blogspot.com...

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FAR - Notes Chapter 9 http://cpacfa.blogspot.com Governmental Accounting Part B Operational accountability – government wide F/S has met its objectives efficiently and effectively Fiscal accounting ability – fund F/S demonstrate that the govt’s entity’s actions have been responsible Must reconcile fund F/S to gov’t wide F/S Required in F/S Govt wide F/S - Statement of net assets - Statement of activities Fund F/S - Governmental funds (GRaSPP) a. Balance Sheet b. Statement of revenues, expenditures, and changes in fund balances - Proprietary funds (SE) a. Statement of net assets b. Statement of revenues, expenses and changes in fund net assets c. Statement of cash flows - Fiduciary funds (PAPI) a. Statement of fiduciary net assets b. Statement of changes in fiduciary net assets Notes to F/S Required supplementary information Optional information Comprehensive Annual Financial Report (CAFR) - Introductory section (unaudited) - Basic F/S and required supplementary information (audited) - Statistical section Primary government entities State governments General purpose local governments (city or a county) Special purpose local governments (hospital or school district) has to meet the 3 criteria: SE S eparately e lected governing body L L egally separate F F iscally independent of other state and local governments Component unit – unit of primary govt that is a legally separate organization; elected officials of the primary government are financially accountable Blended presentation – used in either of the following situations - A board of the component unit is substantively the same as that of the primary government - Component unit almost exclusively serves the primary government When the criteria for a blended presentation has not been met, then a discrete presentation is used Discrete presentation – separate presentation, most common 1
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FAR - Notes Chapter 9 http://cpacfa.blogspot.com Required supplementary information No reconciliation of fund F/S to the Gov’t wide F/S Description of the F/S - easily readable analysis - condensed F/S information - analysis of overall financial position including reasons for changes from the prior year - analysis of balances and transaction of individual funds and limitations on future uses of funds - analysis of significant variations between original and final budget The identity of the primary government and discrete component units Economic conditions and outlook Major initiatives Government wide F/S Statement of net assets Statement of activities Statement of net assets (F9-9) Net assets = assets – liabilities Net assets is composes of 3 components - unrestricted net assets - restricted net assets - invested capital, net of related debt Infrastructure assets – streets, bridges, gutters and other govt assets - reported only on the govt wide F/S 2 depreciation approaches
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This note was uploaded on 05/11/2010 for the course CPA 2010 taught by Professor ?? during the Spring '10 term at Becker College.

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FAR Ch 9 - FAR Notes Chapter 9 http/cpacfa.blogspot.com...

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