Basic Overview of the CAFR. By Andrew Laflin, CPA CliftonLarsonAllen LLP 2012 School of Government Finance. Time to Dissect the CAFR!!!. Learning Objectives . Learn about what a CAFR is and what entities prepare a CAFR and why
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By Andrew Laflin, CPA
2012 School of Government Finance
Comprehensive Annual Financial Report
* Added for Single Audit, if necessary.
Key Differences Resulting from the Measurement Focus of Accounting
American Institute of Certified Public Accountants, Inc. Foundations in Governmental Accounting. Durham, North Carolina: 2012. Print
Statement of Net Assets
1) Invested in Capital Assets, Net of Related Debt
Agree the Balance Sheet – Governmental Funds to the Statement of Net Assets – Governmental Activities.
What are common reconciling items?
Internal Service Funds
Pension Asset / Liability
Reconciliation Process (continued)
Statement of Activities
* Assume bond refunding occurred before year end.
2) Compensated Absences
3) Interest Payable
4) Pension Expense
“How to Prepare Government-wide Financial Statement.” PowerPoint presentation from the Government Finance Officers Association (GFOA). June 28, 2000.
Step 1: Identify External Customer Revenues
Step 2: Identify Expenses Related to External Customers
Step 3: Calculate Internal Profit / Loss
Step 4: Allocate Internal Profit / Loss
Step 5: Apply Allocations
- Report $100 receivable for interfund activities
in business-type activities
- Report $100 payable for interfund activities in
Governmental Fund F/S, continued
Proprietary Fund F/S, continued
Supporting information that Government Accounting Standards Board (GASB) has concluded is essential for placing basic financial statements and notes to the basic financial statements in an appropriate operational, economic, or historic context (paragraph 2.47)
American Institute of Certified Public Accountants, Inc. Audit and Accounting Guide: State and Local Governments. NewYork: March 2010. Print
Should it be RSI or part of the basic financial statements?
Unbudgeted revenues and expenditures
Combining Individual Fund Statements & Schedules
Combining Stmts and Individual Fund Stmts