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An Analysis and Review of West Virginia's Governmental Fund - Research Paper Example

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An Analysis and Review of West Virginia’s Governmental Fund I. Introduction The State of West Virginia, like all other states and local governments, seeks to promote the general welfare of its citizens aided by different agencies through which the will of its constituents represents…
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An Analysis and Review of West Virginias Governmental Fund
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Download file to see previous pages However, the implementation of governmental programs and services depends primarily on the allocation of the fund to different sectors. On the other hand, the preparation of its financial statements is in accordance to the “generally accepted accounting principles (GAAP)” in the U.S (“Audited Financial Statements,” 2007, p. 15). While the necessities and nature of activities from various agencies differ, so does fund allotment, must conform to the purposes it intends to provide. According to the 2007 West Virginia audited financial statements, the methods for reporting governmental fund are the “current financial resources measurement focus and the modified accrual basis of accounting” (“Audited Financial Statements,” 2007, p. 16). It is through these financial statements where “property taxes, franchise taxes, and interest” that accompanied the present “fiscal period” are acknowledged as the cash reserve for the period (“Audited Financial Statements,” 2007, p. 16). This essay seeks to analyze and review the financial statements and audit report of Kanawha County, West Virginia, using the general fund and all the other funds of the government. II. Method of Accounting The government reports the fund in three categories. First, the governmental fund, which includes the general fund and the capital-project fund, integrates the current financial resources management and a modified accrual basis of accounting, where it does not have depreciation expense and long-term debt. Second, the proprietary fund, which includes the entertainment and the internal service fund, utilizes the economic resources measurement focus and the accrual basis of accounting, where it requires a “statement of net assets, statement of revenues, expenses, and cash flow statements.” Lastly, the fiduciary fund employs the economic resources focus and the accrual basis of accounting, where it may not have the provision to fund other programs as the government functions as the trustee (U.S. Department of Transportation, 2000, pp. 10-11). All these funds use the accrual method of accounting. Under the requirements of the “Governmental Accounting Standards Board (GASB),” the application of the accrual method is suitable to maintain a balanced set of account where the expenditures correspond to the finances in the conduct of governmental operations. This is particularly significant since the accrual basis provides a comprehensive detail in the “understanding of economic reality” especially in determining the consequences of budget allotment (Ball & Pflugrath, 2012, p. 7). III. Compliance of GASB Statement 34, and Evaluation of MD&A for State and Local Government GASB Statement 34 requires a complete accrual method, which aims to have long-term capital assets consisting of infrastructure. It also covers the Management's Discussion and Analysis (MD&A) of the government’s monetary operation in recognizing its entire economic status (U.S. Department of Transportation, 2000, p. 8). As for the case of Kanawha County, the challenge it poses for compliance with GASB Statement 34 will depend on the cost and duration of time before its complete implementation in the local government. Additionally, if this would manifest a genuine thrust for transparency and accountability, this would strengthen its audit reports and economic condition in terms of financing governmental and business-type ...Download file to see next pagesRead More
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