Governmental Financial Reporting
– Key Assignment Draft
750-900 words, APA 6 format with references
Financial Report already attached
Review the Comprehensive Annual Financial Report (CAFR) for 2013 from the city of Cedar Falls, Iowa, and answer the following questions.
Explain how Cedar Falls follows the Government Accounting Standards Board (GASB) Statement No. 34. Create a brief outline that showcases the flow.
Read the management discussion and analysis (MD&A) section on page 18 and describe 2 or more significant areas that were addressed by management.
From the notes of the financial statements starting on page 46, describe which accounting policies are being utilized by the city.
What did you discover in the statistical section?
How is the city doing?
Provide an analysis.
Examine the funds listed under the budget on page 37 and discuss how they are being utilized by Cedar Falls. Include some examples of items that would be included in these funds and any restrictions that might apply.
By looking at the budget starting on page 81, choose 2 different funds and discuss how they are being utilized by Cedar Falls. Include some examples of items that would be included in these funds and any restrictions that might apply.
Define and give examples of the infrastructure assets that are held by Cedar Falls.
Describe the circumstances, and provide the journal entries for the 2 entries that are going in to the general fund.
For example, 1 entry goes into the debt service fund and 1 goes into the capital projects fund.
Government Financial Reporting
Organizations are required to submit their financial statements at the end of every year to show progress. However, this financial reporting follows the GAAP standards that enhance uniformity across the world. Furthermore, this uniformity ensures that it is possible to compare the performance of organizations across different sectors. The City of Cedar Falls is a financial body that releases its financial report at the end of every fiscal year. Financial reporting among government sectors helps authorities to show how they spend the money allocated to them by the government. This report analyzes the comprehensive annual report of the City of Cedar Falls, lowa for the year ended 30th June 2013.