Chapter 15D - Financial Reporting The Comprehensive Annual...

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Financial Reporting: The Comprehensive Annual Financial Report (CAFR) and the Financial Reporting Entity Chapter 15
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Learning Objectives Explain the nature and contents of the three major sections of a CAFR Understand the relationships between combining financial statements and the basic financial statements Determine the combining statements that a government needs to present in the CAFR
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Learning Objectives (continued) Explain how to determine if a government should treat an associated entity as a component unit (CU) Understand which CUs should be blended and which should be discretely presented Understand the differences between blending and discrete presentation Explain the differences between and among the reporting requirements for related organizations, jointly governed organizations, and joint ventures
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CAFR Components 1. Introductory Section 2. Financial Section 3. Statistical Section (new contents under GASB #44)
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Introductory Section Table of Contents – guide to the rest of the report Transmittal Letter Legal requirements for the CAFR Report is management’s responsibility Results of the audit Should not duplicate information in MD&A, but Other materials deemed appropriate
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Financial Section Auditor’s Report Basic Financial Statements Other RSI Combining and Individual Fund Financial Narrative explanations
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Auditor’s Report First item in the Financial Section Scope is usually the Basic Financial Statements but may be of the CAFR as a whole Known as a “dual opinion” Would still exclude RSI and Statistical Section
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(also known as the Minimum External Financial Report [MEFR]) Basic Financial Statements Government-Wide Financial Statements Fund Financial Statements Notes to the Financial Statements Other RSI
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This note was uploaded on 10/17/2011 for the course ACCT 4325 taught by Professor Staff during the Spring '08 term at UT Arlington.

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Chapter 15D - Financial Reporting The Comprehensive Annual...

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