ACIS+4124+5124+Chapter+9+Powerpoints+Student

ACIS+4124+5124+Chapter+9+Powerpoints+Student - ACIS...

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1 ACIS 4124/5124 Chapter 9 Financial Reporting of State and Local Governments
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2 Concepts of Financial Reporting Two primary objectives of government financial reports To provide information that can be used to assess accountability To assist users in making economic, social, and political decisions
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3 The reporting entity consists of primary government and all component units for which the primary government is financially accountable Component units are reported by discrete (separate column) presentation, or by blending the component unit’s financial information with the appropriate fund columns of the primary government Reporting Entity
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4 Component units are blended when: The board of the primary government and the component unit are substantively the same and/or The component unit provides services entirely or almost entirely to the primary government Reporting Entity
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5 A primary government is financially accountable for another organization if it appoints a voting majority of the organization’s governing board and it can either Impose its will on that organization or Potentially provide specific financial benefits to or impose a financial burden on the other organization Reporting Entity
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This note was uploaded on 03/28/2012 for the course ACIS 4124 taught by Professor Dr.easterwood during the Spring '12 term at Virginia Tech.

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ACIS+4124+5124+Chapter+9+Powerpoints+Student - ACIS...

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