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 financial report (CAFR) is prepared by governmentsstate, city, county, or municipalitiesthat allows the citizenry the opportunity to review the performance of fiscal responsibilities with all funds and activities of the elemental government. Although CAFR is non mandated, it is encouraged, with adherence and takings for prepared disceptations and disclosures in accordance with by and large accepted history principles (GAAP). Additionally, the government accounting standards board (GASB) code §2200 requires CAFR to include an preliminary section, managements discussion and abridgment (MD&A), basic monetary statements, need supplementary information other(a) than MD&A, cartel and individual fund statements, schedules, narrative explanations, and statist ical section (Copley & Engstrom, 2011, p. 20). in addition there are variety differences between political financial statementsfunding constituent operateand for-profit entities with a responsibility to summation stockholder equity.

The relative differences go out be reviewed for the urban center 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 beginn ing of CAFR as opposed to for-profit entitie! s 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 seem on the balance sheet as they would on a for-profit entity balance sheet. For governmental financial statements, the statement of cash flows is but reported for proprietary funds,...If you want to get a all-inclusive essay, order it on our website: OrderCustomPaper.com

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