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 logical arguments and disclosures in accordance with largely accepted history principles (GAAP). Additionally, the government accounting standards board (GASB) codification §2200 requires CAFR to include an preliminary section, managements discussion and analysis (MD&A), basic monetary statements, unavoidable supplementary information another(prenominal) than MD&A, cartel and individual fund statements, schedules, narrative e xplanations, and statistical section (Copley & Engstrom, 2011, p. 20). in addition there are interpretation differences between governmental financial statementsfunding constituent functionand for-profit entities with a responsibility to summation stockholder equity. The relative differences go out 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 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 break through on the balance sheet as they would on a for-profit entity balance sheet. F or governmental financial statements, the st! atement of cash flows is hardly reported for proprietary funds,...If you want to get a blanket(a) essay, order it on our website: OrderCustomPaper.com

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