GASB Statement No. 34

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).

The Comprehensive Annual Financial Report (CAFR) that our team chose to analyze is for the State of Ohio. The CAFR is for the fiscal year that ended June 30, 2006. The information that was reviewed for the CAFR budget analysis was: the population, the State of Ohio’s governmental structure, the size of the budget and its interrelationship with the CAFR, major industries located in the entity, and other pertinent demographic information.

For the final project in ACC380 Accounting for Not-For-Profit, we were asked to prepare a Statement of Activities, a Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets along with a Statement of Changes in Net Assets for Lee College which is a private not-for-profit college. In addition to the financial statements, we were also asked to explain the process that was used to prepare the financial statements and to offer an in-depth analysis of the financial health of Lee College.

The Fairfax County’s Comprehensive Annual Financial Report for the fiscal year ended June 30, 2015, addressed to the county’s residents, presenting the county’s financial position and results of operations. The County’s financial statements included in this report conform to generally accepted accounting principles as laid out by the Governmental Accounting Standards Board (GASB). It has been audited as required by the Code of Virginia and received an unmodified opinion by the accounting firm KPMG LLP on November 16, 2015. The report presents a comprehensive picture of the reporting entity’s financial condition as well as it provides information of how funds are spent and allocated throughout the year.

The purpose of this paper is to define accounting, and identify the four basic financial statements. The paper also explains how the different financial statements are interrelated to each other and why they are useful to managers, investors, creditors, and employees.

The Office of Financial Management provides vital information, fiscal services and policy support that the Governor, Legislature and state agencies need to serve the people of Washington State (Investopedia, 2010). Included in this briefing, a comparison of the governmental and for-profit financial accounting will be discussed, an understanding of the government reporting and reporting entity, and an overview of the Management Discussion & Analysis report for the state of Washington.

financial statements” (Waxman, 2013, p. xiii). It is the purpose of this paper to discuss some of

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.

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

31. The management's discussion and analysis (MD&A) required in general purpose federal financial reporting is different than that required by GASB of state and local governments in that:

Cirtin, A. (1996) Financial statement analysis for private colleges and universities National Public Accountant, 41(8), 29

Kieso, D. E., Weygandt, J. J. and Warfield, T. D. (2007). Intermediate Accounting. (12th ed.). Hoboken, NJ: Wiley.

The GASB Statement No. 56 was initiated on April 16, 2009. The essence of the new ruling aims to integrate the accounting and financial guidelines of the American Institute of Certified Public Accountants (AICPA) with the GASB’s accounting procedures that concern the state and local government (“New Release,” 2009; “Statement No. 56,” 2009; “Summary of Statement No. 56,” n.d). The statement does not create new financial reporting guidelines or requirements nor imply amendments to the current policies. Rather, it “relocates the existing” guidelines from the “professional auditing standards (“Statement No. 56,” 2009, p. 11). There are three major areas that are taken into consideration, namely “related party transactions, “going concern” attributes

This was designed to show accuracy of financial data and confidence because of adequate controls that safeguarded the financial data. End of year financial reports were also required to contain an assessment of the effectiveness of the internal controls. The issuer's auditing firm is required to attest to that assessment, after reviewing controls, policies, and procedures during a Section 404 audit, conducted along with a traditional financial audit (Thomas & Klutz, n.d.).

This paper will analyze these views as they apply to the discloser of segment information for public entities as required by topic 280 of the FASB accounting standards codification, and discussed in Statement of Financial Standards No. 131 (“SFAS 131). The paper is structured as follows: Section II provides an overview of the objective and general purpose of financial reporting and the qualitative characteristics off useful financial information as determined by the Financial Accounting Standards Board (“FASB”), section III introduces the concept of segment reporting and outlines the requirements for disclosures of segment information for public companies, section IV evaluates the relevance of