10.3 Flashcards
(25 cards)
what does GASB 34 require for government financials
GASB 34 requires basic financials and required supplementary information
what are considered basic financial statements for gov wide financial stmts
- gov wide financial stmts
- fund financial stmts
- notes to financials
what are the government focuses of gov accountability
- operational
- fiscal
what is fiscal accountability
- focus on fun financials
- proves gov used the money properly
what is operational accountability
- focus on gov wide financials
- reports on how efficiently and effectively they have met their operating objectives
what is the integrated approach
- shows operational and fiscal accountability
- shows this relationship thru reconciliation of fund financials to gov wide financials
what are the parts of the required reporting stmts of gen purpose gov units
- mgmt discussion and analysis
- gov wide financials
- fund financials
- notes to the financial stmts
- required supplementary info other than MDA
what is information is optional for reporting general purpose gov units?
- combining stmts for non major funds
- variance b/w orig adopted and final amended budget
- variance b/w final amended budget and actual
What is in mgmt Discussion and Analysis
its a narrative analysis
what are the parts of gov wide FS
- stmt of net position
- stmt of activities
- No CF
what are the governmental fund financial statements?
- bal sheet
- stmt of rev, expenses, changes in fund bal
what financial stmts are shown for proprietary funds?
- net position
- stmt of rev, expenses, and changes in fund bal
- stmt of CF
What are the financial stmts for fiduciary funds
- stmt of fiduciary net position
- stmt of changes in fiduciary net position
what are included in gov basic fin stmts
- gov wide FS
- fund FS
- notes to FS
what information is in req supplementary info
- pension
- budget
- infrastructure
what are the major sections of the CAFR?
- intro section
- basic FS + Req supplementary info
- statistical section
what is included in the intro section of the CAFR?
- letter of transmittal
- org chart
- list of principal officers
what are included in the basic FS and Req supplementary information in the CAFR
- mgmt discussion and analysis
- gov wide FS
- fund FS
- notes to the FS
- required supplementary information
what is included in the statistical section of the CAFR?
- 10 yrs of selected financial data
- 10 yrs of economic data
- other data
what is a financial reporting entity made up of?
primary government and organizations for which the primary government is financially accountable
what is a primary government?
consists of all organizations that make up the legal gov entity
-some special purpose local gov can be part of primary gov but they have to meet the SELF test
What is the SELF test
- shows if the governmental unit can report independently
- Separately elected governing body
- Legally seperate
- Fiscally independent
What is a component unit?
what the primary government is responsible for
what does blended presentation mean for component unit?
- component unit and primary gov are basically the same
- the component unit ONLY serves the primary government
