[jsteinou99]

I think I will be asking a lot of questions over the nex month. I am currently reviewing Becker 8 and 9 (Governmental and NFP) sections. The homework asked a lot of questions about “What are the basic government wide financial statements” or what are the “basic government wide financial statements and Required Supplementary information.”

I thought I charted it out according to Becker in an okay manner, but I am not getting something with the terminology. Can someone let me know if I have this right or wrong?

Basic F/S:

MD&A

Government-Wide F/S

Fund F/S

Notes

Then comes the Required Supplemental Information:

Budget/Pension

Optional supplemental

Am I right with the Required basic F/S or are only the Government Wide F/S and Fund F/S considered the basic. Just a quick clarification on that will help.

The other issue is about component units. Is this correct:

Component units are either presented discretely or blended. The “Component Units” column of the F/S, is that the aggregate of all the component units? Then the primary governmental activities/business type would already include any blended. Or do I have this wrong?!

Appreciate the help … I need to get this bad boy over with!!!

AUD 4/30/2010 92

BEC 10/15/2010 82

REG 4/29/2011 85

FAR November 2011 and hopefully that’s it!!!

[kettik]

The MANDATORY group of financial reports called “Basic FS and required supplementary information” is:

1 MD&A

2 Basic FS:

a) Government-Wide Statements

b) Funds Statements

c) Notes

3 Other Required Supplementary Information (budget, pension, infrastructure)

—4 Other supplementary information (not mandatory but goes here)—

The OPTIONAL set of financial reports called CAFR is:

1 Introductory section

2 Basic FS and required supplementary information (everything that's mandatory)

3 Stattistical section

[kerwin]

They are all in the Financial section of the CAFR, however, please remember that the basic F/S in only a a part of the CAFR which also includes the MD&A.

But the basic only includes, G/wide, Fund and Notes

[kettik]

Component units you got right.

I mean I'm no expert and only studying for FAR too, but that's exactly how I understand it.

[Author]

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