AFA 615 Chapter Notes - Chapter 9: Capital Asset, Fiduciary, Audit
2 Jul 2016
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Ch 9: financial reporting of state and local governments. Gasb concepts statements #1 identifies two objectives of governmental financial reports: to provide information that can be used to assess a government"s accountability and to assist users in making economic, social and political decisions. The primary users of financial reports are those external to government. Should be understandable, reliable, relevant, timely, consistent, and comparable. The 7 financial statement elements: assets, liabilities, deferred outflow of resources, deferred inflow of resources, net position, outflow of resources and inflow of resources. A primary government is a state government or general-purpose local government. It can also be a special purpose government that has a separately elected governing body, is legally separate, and is fiscally independent of other state or local governments. A fiscally independent organization has the authority to determine its budget, levy its own taxes, set rates or charges, and issue bonded debt without approval of another government.
