2009 F-9 Class Notes - Becker CPA Review Financial 9 Class...

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Becker CPA Review – Financial 9 Class Notes 1 © 2009 DeVry/Becker Educational Development Corp. All rights reserved. FINANCIAL 9 CLASS NOTES Financial 9 includes the following: I. GOVERNMENTAL ACCOUNTING (PART B) A. Government-wide financial statements are prepared on the accrual basis reflecting the economic resources measurement focus . B. Funds have financial statements prepared using their specific accounting method in order to better demonstrate compliance with government leaders’ decisions ( fiscal accountability ) and the extent to which operating objectives have been met ( operational accountability ). C. The integrated approach requires a reconciliation between operational and fiscal accountability. The sequence of financial reporting presentation is: 1. Governmental entity’s financial statements start with management’s discussion and analysis ( ) 2. Government-wide financial statements and fund financial statements follow (including a reconciliation between modified accrual governmental funds and government- wide financials on the accrual basis). Internal Service funds are included with the governmental funds (GRASPP) in the reconciliation as Governmental Activities . Enterprise funds are included as Business Type Activities . Fiduciary funds are not included in GWFS since they are custodial in nature. 3. Notes to the financial statements 4. Required supplementary information (RSI) (other than MD&A) D. The financial reporting entity is the primary government entity. E. Special-purpose local governments will be treated as a primary governmental entity if they have s eparately e lected leaders, are l egally separate entities and are f iscally independent. [ SELF ] F. Component units do not meet the SELF criteria and may be blended in with the primary government if they are “intertwined” with it. A discrete presentation is required if the component is legally separate but financially accountable to the primary government. Most component units should use discrete presentation. G. MD&A must be easily readable and analyze material variances. H.
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This note was uploaded on 05/15/2010 for the course ACCOUNTING 342 taught by Professor Judelee during the Spring '10 term at Cal Poly Pomona.

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2009 F-9 Class Notes - Becker CPA Review Financial 9 Class...

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