Chapter 13 pp - Financial Reporting: The Basic Financial...

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Financial Reporting: The Basic Financial Statements & Required Supplementary Information Chapter 13
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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
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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. Not required unless legally required. 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 Chapter 13 Minimum requirements for financial reporting basic financial statements, and other RSI Adjustments to prepare GW statements topic of Chapter 14 The CAFR
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Basic Financial Statements Overview Government-Wide Financial Statements Statement of Net Assets Statement of Activities Governmental Funds Financial Statements Balance Sheet Statement of Revenues, Expenditures, and Changes in Fund Balances (GAAP basis) Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and
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BFS Overview (continued) Proprietary Funds Financial Statements Statement of Net Assets (Balance Sheet) Statement of Revenues, Expenses, and Changes in Net Assets Statement of Cash Flows Fiduciary Funds Financial Statements Statement of Fiduciary Net Assets Statement of Changes in Fiduciary Net Assets Notes to the financial statements
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Government-Wide Financial Statements: Common Features Distinguish between primary government and discretely
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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 13 pp - Financial Reporting: The Basic Financial...

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