Chapter 9 - Chapter 9 Financial reporting of state and...

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9.1 Chapter 9 Financial reporting of state and local governments Government reporting entity 1. Financial reporting entity 1. Primary government 2. Organizations for which the primary government is financially accountable 3. Other organizations which if excluded would cause the financial reporting entity’s F/S to be misleading or incomplete 2. Primary government 3. Component units: 1. Legally separate organizations for which elected officials of the primary government are financially responsible 2. Usually discretely presented 4. Blending: 1. Used when activity of the Component unit is extremely intertwined with that of the primary government 2. Component unit treated as part of the primary government 5. Discrete presentation (separate column) 6. Financial accountability : Financial benefit or burden ( if any): 1. Entitled to organization’s resources 2. Legally obligated, or has assumed the obligation, to finance the organization’s deficits or provide support 3. Obligated (in some manner) for the debt of the organization 7. Jointly governed organizations (govern organization, but do not retain an ongoing financial interest or responsibility) 8. Joint venture: Participants retain (either) an ongoing financial: 1. Interest 2. Responsibility 9. Legally separate organizations (have separate legal standing) 10. Other stand-alone government Does not have a separately elected governing body, and Does not meet the definition of a component unit
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9.2 Exhibit: Decision process for inclusion or exclusion of PCU (potential component unit) Government financial reports : Interim financial reports (at a minimum) : 1. Statement of actual and expected revenue (For general, special revenue, and any other fund with legal budget) 2. Statement of actual and expected expenditures (For general, special revenue, and any other fund with legal budget) 3. Comparative statement of revenue and expenses (For enterprise, internal service funds, certain fiduciary funds) 4. Combined statement of cash receipts, disbursements, and balances-All funds 5. Forecast of cash positions-All funds Annual financial reports : Comprehensive annual financial report (CAFR) 1. Introductory section: 1. Title page 2. Table of contents 3. Letter of transmittal 2. Financial section: 1. Auditors’ report 2. 3. Government-wide financial statements (for operational accountability) 4. Fund-based financial statements (for fiscal accountability)
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This note was uploaded on 02/19/2011 for the course MISC 101 taught by Professor Smith during the Spring '11 term at University of Louisiana at Lafayette.

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Chapter 9 - Chapter 9 Financial reporting of state and...

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