F10 Flashcards
Integrated approach
- MD&A
- Government wide statements reconcile and consolidate fund financial statements
- Notes to financial statements
- Required supplementary info other that MD&A
Required reporting
- MD&A
- Government wide financial statements
- Fund Financial statements - major funds shown individually & nonmajor funds shown in total
- Notes
- Required supplementary information(RSI) other than MD&A
Government wide financial statements
Statement of Net Position
Statement of Activities
Governmental fund financial statements
Balance sheet
Statement of revenues, expenditures, and changes in fund balance
Proprietary fund financial statements
Statement of Net Position
Statement of revenues, expenses, and changes in fund net position
Statement of cash flows
Fiduciary fund financial statements
Statement of fiduciary net position
Statement of changes in fiduciary net position
What’s in notes
Pension shit
Budgetary comparison schedules
Shit about infrastructure
Other optional shit
Comprehensive Annual Financial Report (CAFR)
Introductory section - unaudited
Basic Financial statements and required supplementary info - audited
Statistical section - unaudited
Introductory section of CAFR
Letter of transmittal
Organizational chart
List of principal officers
Basic financial statement and supplementary section of CAFR
MD&A
Government wide financial statements
Fund Financial statements
Notes
Required supplementary info
Statistical section of CAFR
10 years of selected financial data
10 years of economic data
Other
Special purpose local governments
Separately elected by governing body
Legally separate
Fiscally independent of other state and local governments
Component unit blended vs discrete presentation
Blended
- Board of component unit is the same as primary government
or
- Component unit serves the primary government exclusively
- Discrete is the default method if the above isn’t true*
Fiscal accountability vs operational accountability
Operations is for government wide and fiscal is for fund
Government wide financial statements of net position format
Assets and deferred outflows of resources minus liabilities and deferred inflows of resources
Components of Net position
Net investments in capital assets
Restricted assets
Unrestricted assets
Net investments in capital assets
All capital assets, net of accumulated depreciation, reduced by the outstanding balances of bonds, mortgages, notes, or other borrowings.
Restricted assets for government wide statement of net position
Restricted assets reduced by liabilities and deferred inflows of resources related to assets
Treatment of interfund receivables and payables
Eliminate
Construction period interest
Reported as interest expense on government wide financial statements and fund financial statements record it as expenditures
Program approach for statement of activities
Expense or revenue is expensed into 3 categories
Governmental activities
Business activities
Component units
Program revenues
Exchange revenue: when goods or services are transferred, king of like enterprise fees
Non exchange rev: government gives or receives without doing anything for it or what it does is not equal
Program revenue category types
Charges for services
Operating grants & contributions
Capital grants & contributions
How statement of activities is shown
Column for government activities then a column for business type activities followed by the total for both and component units after
Statement of net position governmental and business type activities
Separated like statement of activities
Modified approach when government allows to not report depreciation expense if
Government manages the assets using an asset management system
There are documents that say the assets are being preserved at or above condition established by the government
At what amount do you capitalize property
The lower cost or market
Major Fund rules
Must meet 10% test and 5% test to be considered major fund
10% test
Greater than 10% Governmental and enterprise are separate columns
5% test
Greater than 5% and the columns for governmental and enterprise are combined
Proprietary fund Statement of Cash Flows - Operating activities
- cash inflows from sales of goods and services
- Cash outflows to suppliers or employees
- cash inflows from interfund reimbursements and exchanges including payments in lieu of taxes
- cash transactions not meeting the definition of the other categories
Proprietary fund Statement of Cash Flows - Investing activities
- Cash inflows and outflows associated with loans to others
2. Cash inflows and outflows associated with equity transactions
Proprietary fund statement of cash flows - capital and related financing activities
- Cash flows from issuing debt associated with capital assets including interest expense
- Cash inflows from capital grants
- Cash inflows from contribution activity associated with capital assets
- Cash activity related to special assessments associated with capital assets
Proprietary funds statement of cash flows - noncapital financing activities
- Cash flows from issuing debt for noncapital purposes including interest expense
- Cash receipts from grants or subsidies
- Cash received from property taxes not restricted for capital use
- Operating transfers
Fiduciary statement of net position
Assets and deferred outflows of resources minus liabilities and deferred inflows or resources
Governmental statement of net position
Assets and deferred outflows of resources equals liabilities and deferred inflows of resources
Reconciliation of Government fund Balance sheet to Government wide statement of position - measurement focus difference
- add non-current capital assets
- subtract related accumulated depreciation
- Subtract non-current liabilities - long term debt
Reconciliation of Government fund Balance sheet to Government wide statement of position - for difference in basis of accounting
- eliminate deferred inflows recognized revenues
- subtract accrued liabilities for interest payable
- add internal service fund net position
Reconciliation of Governmental funds statement of revenues, expenditures, and changes in fund balance to Government wide statement of activities - measurement focus difference
- add capital outlay expenditures
- add principle payment on debt
- subtract net book values of capital assets disposed during the period
- subtract debt proceeds show for other financing sources
Reconciliation of Governmental funds statement of revenues, expenditures, and changes in fund balance to Government wide statement of activities - difference in basis of accounting
- add recognized revenues that are measurable and unavailable
- accrue interest expense
- record depreciation expense
- add internal service fund change in net position
