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Countersignature alumni chapter annual report
hello and welcome to the session this is Professor Farhad in this session we're gonna look at the comprehensive annual financial report or what we called C a F R or kafir as well as the reporting entity for governmental accounting this topic is covered on the CPA exam obviously that's why I'm covering here and it's covered in the governmental and not-for-profit accounting graduate or undergraduate course if you want more details information I have like a 50-minute lecture about this report you can go to my forhead lectures com but for now we're going to try to answer some questions that that's gonna reinforce our knowledge and test our knowledge and consolidate our knowledge about the topic so let's start with the first question financial reporting by the general purpose government include presentation of management discussion and analysis as what so here we are talking about MDNA so what do we know about MDNA and they you should know this from your intermediate accounting too and I'm sorry it's not the same MDNA but it's the concept is the same management discussion and analysis a it's required supplementary information after the notes of the financial statement nothing wrong with required it is required but it's not after the notes of the financial statement all right so that a is out because the location of it is wrong part of the basic financial statements it's not so you need to know what's part of the basic financial statements is the financial statements and the notes MDNA is not so it's not part of the basic financial statements it's a description of a currently known facts decisions or condition expected to have significant effect on the financial activities that sounds like that sounds like a good description of MDNA basically it's what management what the government is describing known facts and decision at the time of issuing the financial statements so this looks like a good candidate but let's look at the information may be limited to highlighting the amount and percentages of change from prior to the current year yes we do show changes that not only limited to highlighting we have to explain those changes so it's not only we we highlight them we explain the changes so MDNA explained the changes from the year to year and the numbers but the answer is C the answer is C what's the correct approach what's the correct - presentation of the notes of the financial statements so simply put we're asking here what's what's what's the purpose of the financial state then the notes the notes are essential for the field presentation of the statement da as this sounds familiar I hope so that's the purpose of the note even for for-profit companies this is the answer the notes are essential for the fair presentation of the financial statements it's as simple as that notes are required supplementary information what we called RSI no notes are part of the basic financial statement the notes have the same status as MBNA no no no no it's not they're part of the basic financial statements the notes give equal focus to the primary and it's discreetly presented component unit no it doesn't it focus on the primary government they don't that doesn't focus on the primary in the discretely equally it focuses on the primary government which is the governmental activities the business type activities the major fund and the non major funds okay budgetary comparison schedules must do what must be reported for the general fund yes it yes it must be so a is a good answer but let's look at the other one must be presented instead of the budgetary comparison statement included in the basic financial statement they don't have to it may be may be presented instead of the very comparison but it not must not be so the word must make this statement incorrect must convert the appropriated budget information the GAAP basis for comparison with the actual amount that's giving the budgetary comparison too much weight that's not for for conversion compare only the final appropriated budget with the actual amount now when we do that budgetary comparison we'd look at the original budget versus the final budget okay not the actual amount the original budget versus the final budget we though we do also look at actual inflow and outflow but the original versus the final budget this is what we compare okay because the government could have made an original budget then changed it few times until they get to the end so that's why we look at the original and the final users of government government's financial statement should be able to distinguish between the primary government in its component unit furthermore an overview of the discreetly presented component unit should be provided so far so good accordingly what do we have to do then what statement is true so what we're saying is we must distinguish between the primary and its component unit further an overview of the of the discreetly presented component component unit should be reviewed that's fine a the government-wide financial statements provide discrete presentation of the component unit data including data for fiduciary components unit no it doesn't the fiduciary component unit think of it as like an external and external fund so it's not it's not the government-wide financial statement does not include fiduciary therefore that make that statement wrong okay condensed financial statements for major component unit must be presented in the notes of the financial and the notes I'm sorry in the notes to the basic financial statements okay what's wrong with this must be it doesn't have to it doesn't have to it could also be that doesn't have to must be make this statement incorrect okay see information about each major component unit must be provided in the reporting entity basic financial statements yes information about each major component unit must be provided in the reporting entity of the basic financial statements that look like a good candidate but let's look at the major component a major component unit information must be provided in the form of combining statement no they don't the the wrong what makes the statement wrong is must be they could also they may be presented in a separate column but they enough must not be okay so this makes the statement correctly so notice these questions they focus on specific word must be or they may be notice two of them must be or may be now bear in mind when you're writing questions for the CPA exam it's easy to write the right answer or to kind of state there on the right the correct answer but it's very difficult for the writer to come up with the wrong wrong answers so your job as a CPA if you're writing questions which is either the right questions not for the CPA exam but for some other exam what's difficult is to how to come up with answers that are wrong so it's easy to get to Reno to get to the right answer let's look at this question how should state appropriation to a State University choosing to report as engaged only in business type active activities be reported in the statements of revenues expenses and changes in that position so state appropriation so basically what state appropriation is when the state gives money to a State University for example I do teach at a State University I went to a school to a state university so the state gives money so the state gives money to the University is called state appropriation basically although they're cutting this back a lot okay state appropriation of the university is being operated as a business type activities which is most of the time they are they are they're operated as a business type activities how do we report the money that's coming from the state okay one is an operating revenue is an operating revenue well is it operating profit let's think about it and a business type activities we have to know what's revenue and what's non operating revenue so what do you think revenue is for a business type University well tuitions from students that's the basic type of revenue so when the state gives you money it's not operating revenue well is it non operating revenue yes its revenue but it's not from operating the university not from operating the business this is a good candidate that's all to it capital contribution capital contribution well are they really investing investing in the university and getting getting shares there's no such thing as capital contribution other financing sources no other financing sources this term is used with governmental funds capital project that service fund general fund so on and so forth so it's not other financing sources okay which of the following statements are required state area yes are required to be presented for the special purpose government engage only in business type activities such as utilities this is called special purpose government so which statements are required required statement of net position only well leading that's only that's gonna be enough right that's that's too little statement of net position it's gonna be too little basically the statements of net position X state that's too little Tory board management discussion analysis this looks good and RS I only know what are the financial statements okay the financial statements are missing right you want the financial statements the financial statements required for governmental fund including MD and a well that sounds good but we're still missing where's the notes right the notes okay poor the RSI those are helpful the financial statement required for the enterprise fund including MDNA and our aside that looks good so we have the financial statements MBNA an RSI so we have a comprehensive review comprehensive information about the this special-purpose government entity if a city is the primary reporting entity which of the following is an acceptable method to present component unit in its combined financial statement so how do we present the component unit now what is the component unit a component unit is a legal separate and for which the primary government is accountable for okay so do they consolidate consolidation well guess what hopefully you know that's wrong because consolidation is a business therm when one business buys another business so it's not consolidation is it the cost method well if you know about consolidation of you took advanced accounting I do have an advanced accounting course on my website cost method is a it is a method when you consolidate you could you could use the cost method also the cost method yeah that's that that's what it's the cost method it's it's a method of consolidation so that's out discrete presentation over down to 50/50 or government-wide presentation okay so is it a discrete or government-wide presentation well the government-wide financial statements this one here the report for the government as a whole it doesn't show specific units so it's not the answer is by the process of elimination is discrete presentation now what is a discrete presentation when the government has this component unit they have two methods to basically just in case they change the question only they have two method they could use the discrete presentation and what's the discrete presentation basically report the unit figure the unit numbers so basically you're reporting this component unit in a separate column so what you do is you report the unit and a separate column and they have we said this is one method discrete or they can use the blended method and what's the blended method well guess what they will take this component unit and as the as the word suggests they blend it with the primary government so they they report all the numbers together with the primary government in a sense I'm gonna use this word but don't don't take it too seriously they encode consolidated what blended they put it all together but the consolidation is not a government turn okay so that's basically what they do you can either the discrete presentation report that component unit separately if you'd like to now there's also rules on when do you do so and when you don't or you could use the blended method depending on how much importance you want to draw to that component unit if the if the government wants to draw importance that unit obviously they will show it discreetly so this way the users of the financial statements if they don't know about this part what about the stadium this component unit they could look at it separately or if they don't think it matters they will blend the numbers and they don't have to report it as a separate unit all right if you have any questions email me I hope this these questions are helping you understand governmental accounting better and please don't forget to go to my website and donate its greatly appreciate both and if you're studying for your CPA exam study hard it's worth it
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