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Governmental accounting and for profit financial accounting

Governmental accounting and for profit financial accounting - Essay Example

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government financial statements comprising the financial report of a state, municipal or other governmental entity that complies with the accounting requirements promulgated by the Governmental Accounting Standards…

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Governmental accounting and for profit financial accounting

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Subject: Finance & Accounting
Type: Essay
Level: Ph.D.
Pages: 4 (1000 words)
Downloads: 2
Author: jmayert

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ards Advisory Board (FASAB).A Comprehensive Annual Financial Report is "compiled" by a state, municipal or other governmental accounting staff and "audited" by an external American Institute of Certified Public Accountants (AICPA) certified accounting firm utilizing GASB requirements (Ruppel, 2009). It is composed of three sections: Introductory, Financial and Statistical. It combines the financial information of fund accounting and Enterprise Authorities accounting. A CAFR is a report of the complete overall financial results of both those "specific groupings" of government agencies that appear in the current fiscal year General Purpose Budget and all other agencies and departments (Peterson, 2002).

These can be autonomous, enterprise (for example government or city owned golf courses), recycling, water, sewer, and financial management - often these agencies were created with the inception of that local, state or government (Wilson, 2010). The CAFR provides information about all of these other government agencies that may have their own budgets and separate investment accounts but their financial holdings are not combined with the general purpose budget that the same government presents to the public.

The CAFR, or as it is called in CANADA CanFR can be used along with a budget document to compare the organizations total financial standing to the annual general purpose budget (Ruppel, 2009). The CAFR is the complete showing of the financial investment and income records from all sources, that reflects what has developed over decades whereas a budget report is an inferior document to the CAFR being that it is primarily focused on what revenue is expected to be brought in and spent for just the year.

Government sources funds from taxation to support the cost of providing basic services while for-profit financial accounting it offers goods and services to generate revenue. Also government accounting is not related to expenses while for-profit expenditures are

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