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 governmentsâ€"state, city, county, or municipalitiesâ€"that allows the citizenry the opportunity to review the performance of fiscal responsibilities with all funds and activities of the primary government. Although CAFR is non mandated, it is encouraged, with adherence and takings for prepared statements and disclosures in accordance with generally 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, required supplementary information other than MD&A, cartel and individual fund statements, schedules, narrative explanations, and statistical section (Copley & Engstrom, 2011, p. 20). in addition there are variant differences between governmental financial statementsâ€"funding constituent servicesâ€"and for-profit entities with a responsibility to summation stockholder equity.



The relative differences will be reviewed for the City of Topekas (herein referred to as City or COT) CAFR for year finish December 31st, 2010.
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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 appear on the balance sheet as they would on a for-profit entity balance sheet. For governmental financial statements, the statement of cash flows is only reported for proprietary funds,...If you want to get a full essay, order it on our website: Orderessay



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