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 monetary 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 primary coil government. Although CAFR is non mandated, it is encouraged, with adherence and takings for prepared disceptations and disclosures in accordance with by and large accepted history principles (GAAP). Additionally, the government accounting standards board (GASB) code §2200 requires CAFR to include an preliminary section, managements discussion and summary (MD&A), basic monetary statements, necessitate supplementary information opposite than MD&A, cartel and individual fund statements, schedules, narrative explanations, and statistica l section (Copley & Engstrom, 2011, p. 20). in addition there are confused differences between governmental financial statementsfunding constituent functionand for-profit entities with a responsibility to summation stockholder equity.

The relative differences pull up stakes 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 beginning of CAFR as opposed to for-profit e! ntities 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 look on the balance sheet as they would on a for-profit entity balance sheet. For governmental financial statements, the statement of cash flows is save reported for proprietary funds,...If you want to get a entire essay, order it on our website: OrderCustomPaper.com

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