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 fiscal report (CAFR) is prepared by governmentsstate, city, county, or municipalitiesthat allows the citizenry the probability to review the performance of fiscal responsibilities with all funds and activities of the principal(a) government. Although CAFR is non mandated, it is encouraged, with adherence and takings for prepared assertions and disclosures in accordance with broadly accepted history principles (GAAP). Additionally, the government accounting standards board (GASB) computer code §2200 requires CAFR to include an preliminary section, managements discussion and compendium (MD&A), basic monetary statements, necessitate supplementary information new(prenominal) than MD&A, cartel and individual fund statements, schedules, narrative explanatio ns, and statistical section (Copley & Engstrom, 2011, p. 20). in addition there are pas seul differences between political financial statementsfunding constituent serveand for-profit entities with a responsibility to summation stockholder equity.

The relative differences leave behind be reviewed for the urban center 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 pre sented at the beginning of CAFR as opposed t! o for-profit entities 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 start on the balance sheet as they would on a for-profit entity balance sheet. For governmental financial statements, the statement of cash flows is only when reported for proprietary funds,...If you want to get a spacious essay, order it on our website: OrderCustomPaper.com

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