Chapter%2013C

Chapter%2013C - Financial Reporting The Basic Financial...

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Financial Reporting: The Basic Financial Statements & Required Supplementary Information Chapter 13
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Learning Objectives Identify a government’s basic financial statements Understand format and content of government-wide financial statements and fund financial statements Understand the concept and content of RSI Identify a government’s major funds and how to prepare fund financial statements Distinguish program revenues from general revenues Understand unique reporting provisions of infrastructure capital assets Understand required information components of Understand types of notes to financial statements Understand reporting requirements of special purpose governments
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Major Elements of Principle #13 Comprehensive Annual Financial Report (CAFR) Minimum reporting requirements Basic Financial Statements (BFS) Required Supplementary Information Financial reporting entity Nucleus of a financial reporting entity
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Interim Financial Statements Encouraged, but not required Prepared to facilitate management’s control of the government, legislative oversight, and [occasionally] external financial reporting
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Comprehensive Annual Financial Report Should be prepared and published Covers primary government (including blended component units) and discretely presented component units Includes: Introductory Section Financial Section Statistical Section
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Financial Reporting Entity Consists of Primary Government Organizations for which the primary government is financially responsible Other organizations whose exclusion from the report would cause it to misleading or incomplete
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Reporting Entity’s Financial Statements Government-Wide Financial Statements Provide information about the reporting government as a whole Distinguish between primary government (composed of Governmental Activities & Business-Type Activities) and discretely presented component units Fund Financial Statements Present primary government’s major funds individually and nonmajor fund in aggregate Funds and component units that are fiduciary in nature reported only at this level
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Nucleus of Financial Reporting Entity Usually a primary government Other entities can serve as nucleus of own reporting entity, even when related to a primary government Financial reports built from the bottom up, applying all definition and display provisions to each level before rolling up to next level
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Focus of this Chapter Minimum requirements for financial reporting, which are the MD&A, basic financial statements, and other RSI Some governments may be required to present a CAFR – topic of Chapter 15
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What makes up the minimum report? GASB Statement #34
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Chapter%2013C - Financial Reporting The Basic Financial...

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