what does GASB 34 require for government financials
GASB 34 requires basic financials and required supplementary information
what are considered basic financial statements for gov wide financial stmts
- gov wide financial stmts
- fund financial stmts
- notes to financials
what are the government focuses of gov accountability
- operational
- fiscal
what is fiscal accountability
- focus on fun financials
- proves gov used the money properly
what is operational accountability
- focus on gov wide financials
- reports on how efficiently and effectively they have met their operating objectives
what is the integrated approach
- shows operational and fiscal accountability
- shows this relationship thru reconciliation of fund financials to gov wide financials
what are the parts of the required reporting stmts of gen purpose gov units
- mgmt discussion and analysis
- gov wide financials
- fund financials
- notes to the financial stmts
- required supplementary info other than MDA
what is information is optional for reporting general purpose gov units?
- combining stmts for non major funds
- variance b/w orig adopted and final amended budget
- variance b/w final amended budget and actual
What is in mgmt Discussion and Analysis
its a narrative analysis
what are the parts of gov wide FS
- stmt of net position
- stmt of activities
- No CF
what are the governmental fund financial statements?
- bal sheet
- stmt of rev, expenses, changes in fund bal
what financial stmts are shown for proprietary funds?
- net position
- stmt of rev, expenses, and changes in fund bal
- stmt of CF
What are the financial stmts for fiduciary funds
- stmt of fiduciary net position
- stmt of changes in fiduciary net position
what are included in gov basic fin stmts
- gov wide FS
- fund FS
- notes to FS
what information is in req supplementary info
- pension
- budget
- infrastructure
what are the major sections of the CAFR?
- intro section
- basic FS + Req supplementary info
- statistical section
what is included in the intro section of the CAFR?
- letter of transmittal
- org chart
- list of principal officers
what are included in the basic FS and Req supplementary information in the CAFR
- mgmt discussion and analysis
- gov wide FS
- fund FS
- notes to the FS
- required supplementary information
what is included in the statistical section of the CAFR?
- 10 yrs of selected financial data
- 10 yrs of economic data
- other data
what is a financial reporting entity made up of?
primary government and organizations for which the primary government is financially accountable
what is a primary government?
consists of all organizations that make up the legal gov entity
-some special purpose local gov can be part of primary gov but they have to meet the SELF test
What is the SELF test
- shows if the governmental unit can report independently
- Separately elected governing body
- Legally seperate
- Fiscally independent
What is a component unit?
what the primary government is responsible for
what does blended presentation mean for component unit?
- component unit and primary gov are basically the same
- the component unit ONLY serves the primary government
