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 luck 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 relations and disclosures in accordance with loosely accepted history principles (GAAP). Additionally, the government accounting standards board (GASB) codification §2200 requires CAFR to include an preliminary section, managements discussion and outline (MD&A), basic monetary statements, necessary supplementary information other(a) than MD&A, cartel and individual fund statements, schedules, narrative explanations, and statistical section (Copley & Engstrom, 2011, p. 20). in addition there are unlike differences between governmental financial statementsfunding constituent goand for-profit entities with a responsibility to summation stockholder equity.

The relative differences testament be reviewed for the city 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 beginning of CAFR as opposed to for-profit entities annotating M! D&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 step forward on the balance sheet as they would on a for-profit entity balance sheet. For governmental financial statements, the statement of cash flows is solely reported for proprietary funds,...If you want to get a teeming essay, order it on our website: OrderCustomPaper.com

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