Governmental Entities - Financial Reporting Summer I 2009

Governmental Entities - Financial Reporting Summer I 2009 -...

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Accounting 401 Summary Notes Financial Reporting For Government Entities Summer I 2009 A. GASB Statement No.34 significantly changed the financial reporting requirements for state and local governments. This included special purpose governments such as school districts. B. Several new financial statements are now required. These include (1) government-wide financial statements, (2) funds-based financial statements and (3) a management’s discussion and analysis report. Also, some supplementary information must be included in the notes to the financial statements. C. Every governmental unit must provide a comprehensive annual financial report referred to as CAFR. The CAFR includes two sets of financial statements plus notes and any other pertinent information. D. The two required sets are: (1) general purpose financial statements and (2) combining statements for non-major funds by fund type. E. GASB Statement No. 14 (June 1991) determines if the reporting entity should be limited to the primary government or if one or more of the associated organizations are also part of the government’s reporting entity. F. GASB Statement No. 34 requires the following disclosures in the government’s CAFR: 1. Management’s discussion and analysis 2. Basic financial statements a. Government-wide financial statements b. Fund financial statements c. Notes to the financial statements 3. Any required supplementary information G.
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