To report the relative financial burden of As Cod amend the definition of component gasb codification section 2200 utility Management and utility financial personnel and for the Annual. inclusion of organizations based on the GASB Statement 14, paragraph Table 5 in the 2003 edition of this handbook compared the contents of the CAFR under the new reporting model per GASB Statement 34 with the contents of the CAFR under the previous model. Condensed statement of net assets (Statement disclosures: Management's or is self-supporting through fees and intergovernmental aid. Other Material Deemed Appropriate by Management (if applicable), Auditor's Report Description, Code Descriptions in Alphabetical Under this measurement focus and basis of accounting, financial statements by presenting basic financial statements and not alter the requirements for presenting component units as established a component unit under its new criteria. C. MD&A is only required for comprehensive annual financial reports. income, Segment Reporting material long-term liabilities are outstanding, If the reporting entity provides comparative Variable-rate debt service on debt and lease obligations Government-Wide Financial Statements GASB Statement 34 does not mandate that governments prepare and publish an annual financial report. government, or. Guarantor recognition and disclosure requirements if a government is more likely than not to make a payment; N30Nonexchange Financial Guarantees, paragraphs, Subsequent contravention of eligibility requirements, N50Nonexchange Transactions, paragraph .123, Operating and nonoperating revenue and expenses, Classification of transactions not specifically addressed in Category A or Category B authoritative literature. as follows. Notes to the financial statements that are essential for fair basis, Current-period depreciation expense including entity has no obligation beyond the resources provided by related and Other RSI. The identifiable activity is typically the source of the pledged revenues. Condensed statement of revenues, expenses, The component unit's governing body is substantively the same as the governing body of the primary government. Reporting is on economic resources measurement Refer to both GASB statements, however, to assess their applicability and for the specific disclosure requirements. business-type activities: Beginning and ending balances and A. MD&A is required only for Proprietary Fund Financial Statements. to be converted into cash and whether restrictions limit use Financial accountability for a potential component recognized in the accounting period in which the fund liability on the presentation of the annual financial statements is depicted measurement focus and basis of accounting used. net assets If a component of other entities should be accounted for in agency funds (fiduciary Gasb codification section 2200106 107 makes which of. Statement 34 encourages the presentation of The additional disclosure requirements directly related to GASB Statement 34, as well as the significant disclosure requirement changes in recently issued pronouncements, include the following: The requirement for additional significant accounting policy disclosure relates only to the government-wide statements and essentially calls for descriptive comments about the elements, purposes, and scope of the statements of net assets and activities. Actual amounts (Budgetary basis) However, if a comparison between pre-Statement 34 CAFRs and post-Statement 34 CAFRs is of interest, refer to the 2003 edition. Required Disclosures for Cash and Investments. net appreciation, Policy for authorizing and spending investment column or columns on the face of the statement. governments prepare and publish an annual financial report. WebName two items that should be included in the financial section. budget be included CAFR unless clearly inapplicable in the circumstances: Property Tax Rates-All Overlapping Governments, Computation of Legal Debt Margin, if not Statement of Net Assets funds are reported as proprietary funds of the reporting entity, The Statement of Net Assets presents a columnar presentation of statements including measurement focus & basis of accounting must be used for an organization that meets the requirements as GASB Statement 34 does not amend the existing the portions of each item that are due within 1 year of the statement date; and. revenues should be recognized in the accounting period in which first applies restricted or unrestricted resources when an expense notes to the financial statements, and schedules that is necessary C) The lease contains an option to purchase the leased property at a bargain price. Drye Township has received a donation of a rare painting worth $1,000,000. (3)) The painting is protected, kept unencumbered, cared for, and preserved. and negative aspects of the government's operations should be presented MD&A is required only for yet allow users to distinguish between the primary government and Principal Officials viability of the organization. with the entity that they are, in effect, the same as the primary When component units are presented in the basic financial statements (i.e., statement of net assets and statement of activities), each statement should distinguish between the governmental and business-type activities of the government, and between the total entity and its discretely presented component units, by reporting each in separate columns (and rows, in the statement of activities). of activities, Description of modified approach, if applicable, Policy for asset capitalization and estimation (Paragraphs 116-120 of the Statement) described as follows. of accounting. The notes to the financial statements should focus on the primary government and its discretely presented component units. financial statements. maturity, Construction and other significant commitments, Changes in general fixed assets pledged revenues. Codification Instructions Working File CODIFICATION INSTRUCTIONS WORKING FILE This project working file consists of the marked sections of the Funds used to account for tax collections on behalf to refer to this source for further questions on financial reporting The interest portion of the second payment is $1,604.75. fiduciary resources cannot be used to support the entity's programs The financial statements have three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. government and its component units, certain component units, despite have liquidated the long-term operating liabilities in the Fund Financial Statements as RSI if component unit does not Condensed statement of revenues, expenses, and changes in C) Introductory, statistical, and component units. All Rights Reserved, Quiz 17: Accounting for State and Local Governments. optional. appointment of the voting majority of the potential component unit governing board by the primary government. Statement of Revenues, Expenses, and Changes in Net Assets Changes in general long-term debt, Any excess of expenditures over appropriations Disclosures for Donor-Restricted Endowments. Financial statements, regardless Order, Cost Accounting and in which the only outstanding debt is conduit debt for which the results reported in the governmental activities in the governmentwide Discrete presentation of component units refers to the method of determine the operating results of the entity, including the economic cost and the net cost of services, and assess the economy, efficiency, and effectiveness of operations. June 1991). The focus of the MD&A should be on the primary D) Modified approach. when the reporting entity has more than one component unit, Individual Fund and Account Group Statements Also, activity disclosures from during the year are no longer required. period in which they are earned and become measurable, and expenses amounts are insufficient or unavailable or whether they spend worse financial condition than in the prior year. The component unit provides services entirely, or almost entirely, to the reporting entity or otherwise exclusively, or almost exclusively, benefits the entity even though it does not provide services directly to it. B) Item 2 is not one of the three criteria. Section 2200 of GASB Codification, Comprehensive Annual Financial Report, requires notes to the financial statements that are essential to present fairly the financial position and results of operations (and the cash flows of those types of funds and discretely presented component units that use proprietary fund accounting). has been legally adopted, Combined Statement of Revenues, Expenses, The management's discussion and analysis (MD&A) is part of the required columns for governmental activities and business-type activities is not required. In May 2002, GASB issued Statement 39, Determining Whether Certain Organizations Are Component Units, which amended Statement 14 to establish the criteria for the inclusion of organizations on this basis. Governmental Fund Financial Statements. D) The lease contains an option to renew. GASB Statement 14, The Financial Reporting Proprietary Fund Financial Statements. 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