Comprehensive Annual Financial Report

Comprehensive Annual Financial Report (CAFR) is a report used by cities, and local governments to provide the public with their financial records each year, while adhering to government accounting standards board (GASB) guidelines. The report presents a comprehensive picture of the reporting entity’s financial condition, it provides how funds are spent and allocated throughout the year.

This research paper will detail the modified accrual revenue recognition in State and Local Government (SLG) accounting. There will also be discussions on the guidance of governmental fund expenditure recognition, and how it is used in state and local governments. Certainly, there are differences between the fund and the government-wide financial statements, but there are some similarities. Within the paper, it will include the purpose as well as the content of the financial statements. While explaining the government-wide financial statements, the preparation using derived information in the conversion worksheets, will be presented. Lastly, in this research paper, I will explain the elements of a Comprehensive Annual Financial Report (CAFR).

Public Finance is the role of government in the economy. Transparency and accountability in government financial management is crucial. The reading, “Understanding New York City’s Budget” references that due to government spending of taxpayer money to operate various services, several checks and balances such as Audits, City Council Oversight, Mayor’s Management Report (MMR), and Program Evaluation were put in place for accountability. The adherence to policy, procedures, rules, regulations and laws are important when compliance and integrity is the goal.

The first part includes letter of transmittal, organizational chart, and the certificate of achievement from prior year. To begin with the introductory part, I am pleased to present this written statement presentation for the CAFR of the City of Punta Gorda, Florida for the fiscal year ended September 30, 2013. The City of Punta Gorda are comprised of different entities, which includes the citizens/stakeholders and the city council; the city attorney, manager and clerk; the different departments and its employees such as finance, growth management, fire, police, public works, and utilities; the human resource and the information technology department. Furthermore, the first section include a letter of transmittal providing an insight of the CAFR. It was signed and submitted on the 27th of March, 2014 by the City Manager and the Director of Finance, Howard Kunik and David Drury, respectively. The letter includes information regarding the City’s economic outlook, its major initiative during the year, its future projects, and a summary of its financial statement. Also, the letter provides information about its current performance, notably the achievement received by the City of Punta Gorda. The City was awarded a Certificate of Achievement for Excellence in Financial Reporting for its CAFR by Government Finance Officers Association (GFOA), for the

The City of Detroit, founded in 1701, and incorporated in 1806, is in Wayne County, State of Michigan. Detroit is on an international waterway, which connects by means of the St. Lawrence Seaway to seaports around the world. Existing as the largest city in the State of Michigan, Detroit is notorious for its tradition in automotive and is a colloquialism for the automobile industry in the United States. Detroit is also known for its popular music legacies, which residents celebrate in several familiar nicknames, Motor City, Motown or simply the “D.” In a city, whose population is likely at 951,270, Detroit is also known for its liquor distribution during the prohibition in 1920.

| |financial statements related to cash and cash equivalents, receivables, and inventories. | | |

To enhance a user’s ability to understand and compare an entity’s operating results, reporting entities are required to describe all significant accounting policies in their financial statements. As such to decide if an accounting principal is significant, is the management’s decision.

The next thing you can learn from a government’s financial statements is about its infrastructure. Typically states elect to use the modified approach for capitalizing infrastructure. Under this approach, the

Chapters 2 through 8 describe accounting and financial reporting by state and local governments. A continuous problem is presented to provide an overview of the reporting process, including preparation of fund basis and government-wide statements. The problem assumes the government is using fund accounting for its internal record-keeping and then at year-end makes necessary adjustments to prepare the government-wide statements. The problem that follows is presented in the same order as the textbook (beginning with Chapters 3, and

Acme Incorporate is reporting its full year financial statements for the fiscal year ended October 31, 2012. Acme had a great year, earnings $20,650 in net income. This is attributed in part due to an increase in revenues to $406,000 as well as to our cost-cutting initiatives. Acme undertook a number of cost-cutting efforts including laying off staff, reducing the marketing expense, and investing in energy-saving light bulbs in order to lower our utility bill. By doing this, Acme has restored profitability to the company.

Hooker Furniture Corporation uses a multi-step format for what they call the Statement of Income (Income

The Governmental Accounting Standards Board (GASB) issued Statement No. 34 in June 1999 “Basic Financial Statements and Management’s Discussion and Analysis for State and Local Government”. According to GASB, when implemented, Statement No. 34 will “create new information and will restructure much of the information that governments have presented in the past. We developed these new requirements to make annual reports more comprehensive and easier to understand and use. (Government Accounting Standard Board, n.d.).” Cleveland State University financial statements prepared in accordance with GASB Statement No. 35, issued in November 1999. GASB Statement No. 35 is an amendment of GASB Statement No. 34 that establishes accounting and financial

with the massive amount of numbers in company financial statements. For example, they can compute the percentage of net profit a company is generating on the funds ithas deployed. All other things remaining the same, a company that earns a higher percentage of profit compared to other companies is a better investment option.

The project proposal will be critical analysed before it will established in South Korea. In the first assignment will looked in depth in political, country risk, FDI theories and motive for the project. In the second assignment, the cost of capital for the project was calculated, stating the risk for both the parent and subsidiaries.

Based on the financial ratios given, this section will compare and contrast the financial strengths of Company X and Company Y in order to suggest Tringale Ltd to take decision regarding which of the above companies to chose for investment. This section provides comments on financial performance areas based on the data given, and presents report to the Board of Directors of Tringale Ltd by recommending which of the two investment opportunities is better.