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Lecture Essentials of accounting for governmental and not-for-profit organizations (12/e) – Chapter 2

Chapter 2 - Overview of state and local government financial reporting. Chapter 2 provides illustrations of state and local government financial reports introduced in Chapter 1. The slides that follow will emphasize points you should notice in the various statements. | Essentials of Accounting for Governmental and Not-for-Profit Organizations Chapter 2 Overview of State and Local Government Financial Reporting Copyright © 2015 McGraw-Hill Education. All rights reserved. Chapter 2 – Learning objectives Obtain an overview of the contents of a governmental financial report Define the governmental reporting entity Illustrate the basic financial statements for a state or local government Overview of Chapter 2 Chapter 2 provides illustrations of state and local government financial reports introduced in Chapter 1 The slides that follow will emphasize points you should notice in the various statements. Ideally each student will obtain a full set of financial statements to review. CAFR vs. Minimum Reporting The complete Comprehensive Annual Financial Report (CAFR) is recommended Some smaller governments may report less information, but that should include: Management’s discussion and analysis Basic Financial Statements (Government-wide, Fund Basis, and Footnotes) Required supplementary information (other than MD&A) Main differences — Less statistical information Combining statements are omitted Parts of the CAFR The primary report is called the CAFR Comprehensive Annual Financial Report 3 main sections 1. Introductory 2. Financial section 3. Statistical section 1. Introductory Section Unaudited Includes Title page Table of contents Letter of transmittal Miscellaneous items such as organizational chart or names of chief government officers 2. Financial Section Management discussion and analysis (MD&A) Paragraph format summary of most important issues during the year. Reviewed by auditor. Auditor’s report (when audited) Financial Statements and Notes (audited) Required Supplementary Information (RSI) (reviewed by auditor) Combining statements — more details of main statements if needed 3. Statistical Section Not audited Information is often not financial in nature Generally presents 10 years of information 3. Statistical Section GASB . | Essentials of Accounting for Governmental and Not-for-Profit Organizations Chapter 2 Overview of State and Local Government Financial Reporting Copyright © 2015 McGraw-Hill Education. All rights reserved. Chapter 2 – Learning objectives Obtain an overview of the contents of a governmental financial report Define the governmental reporting entity Illustrate the basic financial statements for a state or local government Overview of Chapter 2 Chapter 2 provides illustrations of state and local government financial reports introduced in Chapter 1 The slides that follow will emphasize points you should notice in the various statements. Ideally each student will obtain a full set of financial statements to review. CAFR vs. Minimum Reporting The complete Comprehensive Annual Financial Report (CAFR) is recommended Some smaller governments may report less information, but that should include: Management’s discussion and analysis Basic Financial Statements (Government-wide, Fund Basis, and .