Comprehensive Annual Finanical Report

Comprehensive Annual Financial Report (CAFR) Brief for the urban center of capital of Kansas, Kansas Jerry Roush ACC 548 July 30, 2012 Facilitator: Joe L. Walthour Jr., CFE? Abstract The comprehensive annual pecuniary report (CAFR) is prepared by governmentsstate, city, county, or municipalitiesthat allows the citizenry the opportunity to review the performance of fiscal responsibilities with all funds and activities of the particular government. Although CAFR is non mandated, it is encouraged, with adherence and takings for prepared recitals and disclosures in accordance with mostly accepted history principles (GAAP). Additionally, the government accounting standards board (GASB) codification §2200 requires CAFR to include an preliminary section, managements discussion and digest (MD&A), basic monetary statements, mandatory supplementary information new(prenominal) than MD&A, cartel and individual fund statements, schedules, narrative explanations, and st atistical section (Copley & Engstrom, 2011, p. 20). in addition there are striving differences between political financial statementsfunding constituent serveand for-profit entities with a responsibility to summation stockholder equity.

The relative differences leave be reviewed for the metropolis of Topekas (herein referred to as City or COT) CAFR for year finish December 31st, 2010. ? Differences in governmental accounting and for-profit financial accounting auditor opinions are required for both governmental accounting and for-profit entity accounting. Additionally, MD&A is presented at the beginn ing of CAFR as opposed to for-profit entitie! s annotating MD&A after the presentation of their financial statements; income statement, labyrinthine sense sheet, and statement of property flows. Furthermore, capital assets and long-term debt do not bet on the balance sheet as they would on a for-profit entity balance sheet. For governmental financial statements, the statement of cash flows is unaccompanied reported for proprietary funds,...If you want to get a integral essay, order it on our website: OrderCustomPaper.com

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