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 financial report (CAFR) is prepared by governmentsstate, city, county, or municipalitiesthat allows the citizenry the fortune to review the performance of fiscal responsibilities with all funds and activities of the autochthonic government. Although CAFR is non mandated, it is encouraged, with adherence and takings for prepared contestations and disclosures in accordance with in general accepted history principles (GAAP). Additionally, the government accounting standards board (GASB) codification §2200 requires CAFR to include an preliminary section, managements discussion and abstract (MD&A), basic monetary statements, necessary supplementary information opposite than MD&A, cartel and individual fund statements, schedules, narrative explanations, an d statistical section (Copley & Engstrom, 2011, p. 20). in addition there are magnetic variation differences between political financial statementsfunding constituent goand for-profit entities with a responsibility to summation stockholder equity.

The relative differences leave 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 presented at the beginning of CAFR as opposed to 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 reckon on the balance sheet as they would on a for-profit entity balance sheet. For governmental financial statements, the statement of cash flows is totally reported for proprietary funds,...If you want to get a across-the-board essay, order it on our website: OrderCustomPaper.com

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