Fiduciary Fund Financial Statements Flashcards
What is a required financial statement for an investment trust fund?
Statement of Changes in Fiduciary Net Position
What should be in the notes of the Financial Statements?
Governments should disclose in their summary of significant accounting policies - the length of time used to define available for purposes of revenue recognition in the governmental fund financial statements.
Governments should provide details in the notes to the financial statements about short-term debt activity during the year, even if no short-term debt is outstanding at year-end.
In their disclosure of significant violations of finance-related legal or contractual provisions, governments should identify actions taken to address such violations.
What should be included in MD&A?
an objective and easily readable analysis based on currently known facts, decisions, or conditions.
a fact-based analysis providing positive and negative aspects of comparisons with prior years.
information about the primary government and matters related to a component unit if deemed appropriate in the managers’ professional judgment.
The letter of transmittal and the statistical section are classified as?
Other
MD&A is classified as?
required supplementary information
The MD&A should introduce the basic financial statements and provide an analytical overview of the government’s financial activities
What is accurate regarding the scope of a government’s MD&A?
GASB 2200.109, which codifies elements of GASB Statement 34, indicates that MD&A “should be confined to the topics discussed”
What information is needed to prepare the budgetary comparison schedules for a local government?
original budget
The statistical section of a government’s comprehensive annual financial report is
always considered part of required supplementary information
If the budgetary perspective does not significantly differ from the fund reporting perspective, this budgetary comparison statement
may be included in the basic financial statements or in the required supplementary information (RSI)
