Transcript Government-Wide Financial Reporting

State and Local Government
Financial Reporting
Reporting Unit
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Primary Government
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State, General Purpose or Special Purpose Local
Government that is legally separate and fiscally
independent of other state or local governments
Component Unit
Legally separate organizations for which elected officials
and primary government are financially accountable
 Also, if exclusion would cause reporting entity financial
statements to be misleading or incomplete
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Reporting Component Units
Blending
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When organizations financial transactions are
so intertwined that ‘in substance’ are the same
as the primary government
Discrete
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Most component units reported this way as a
separate column following the ‘Totals’ column
Comprehensive Annual Financial
Report (CAFR)
Introductory Section
Financial Section
MD & A
 Basic Financial Statements

Government-Wide (Level 1)
 Fund (Level 2)
 Notes to financial statements
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RSI
Statistical Section
Government-Wide Financial
Reporting
Level One Financial Statements
Accrual Basis of Accounting
Economic Resources Measurement
Focus
General Government Fixed assets and
general long-term debt are reported in
these statements
Financial Statements-GW
Statement of Net Assets
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Separate columns for Governmental Activities,
Business-Type Activities, Totals, and Discretely
Presented Component Units
Statement of Activities
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Separate columns for expenses, program revenues,
and net (expense) revenue for Governmental
Activities, Business-Type Activities, Totals and
Discretely Presented Component Units. (Pp. 32-33)
Financial Statements-Fund
Governmental Type (Modified Accrual/Flow of
Financial Resources)
Balance Sheet
 Statement of R, Expenditures, and Changes in FB
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Proprietary Type (Accrual/Economic Resources)
Statement of Net Assets (Balance Sheet)
 Statement of R, Expenses, and Changes in Net Assets
 Cash Flow Statement
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Fiduciary Funds (Accrual/Economic Resources)
Statement of Net Assets
 Statement of Changes in Fund Net Assets
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Financial Reporting and Accounting
Reporting Peculiarities
GFA and GLTD included and reported only on G-W
financial statements and Proprietary Fund Statements
 Depreciation of GFA recorded in G-W Statement of
Activities only
 Enterprise Fund activities flow through to businesstype activities on GW Statements
 Internal Service Fund activities flow through to
governmental activities on GW Statements
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Reporting, Continued
Internal Service Fund inter-fund transactions must
be eliminated before put on GW financial statements
If the government has only business-type activities,
then they need to prepare only Fund financial
statements
Fiduciary Funds are not a part of GW Financial
Statements
Reporting, Continued
General Fixed Assets are reported as Capital
Assets, net of Depreciation
Net Asset breakdown is
Invested in Capital Assets, Net of Related Debt
 Restricted (Covenants or Law)
 Unrestricted (Does not include internal designations)
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General LTD reported in GW Statement of Net
Assets
Reporting, Continued
Reconciliation items
GFA and GLTD
 Deferred Revenue
 Unrecorded Liabilities (Unfunded Pension Liability)
 Special items such as sale of land
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What is reconciled
Fund balances Govt Funds to Net Assets
 Ch in FB Govt Funds to Ch in Net Assets
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Reporting, Continued
Reconciliation Schedule is reported
Face of Fund Financial Statements, or
 Notes to Financial Statements
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Infrastructure must be capitalized and reported
with other fixed assets
Retrospectively and Prospectively
 Prospectively only for Less than $10 million revenue
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Reporting, continued
Infrastructure must be depreciated unless
the ‘modified’ approach is elected
Collections and Works of Art may or may
not be capitalized
Statistical Information
Schedule of changed in LTD
 Annual DS requirements
 Legal Debt Margin Schedule
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