Overview
The Governmental Accounting Standards Board (GASB) has established accountability as the cornerstone of financial reporting for governments. Accountability, as defined by GASB, includes budgetary and fiscal compliance. In this assignment, you will explore a local government’s Annual Comprehensive Financial Report (ACFR) for the elements of the ACFR and how those elements are incorporated by a local government.
Your professor will assign a local government ACFR for use in this assignment.
Instructions
Write a paper in which you address the following:
Analyze the local government ACFR for the types of budgets the local government maintains. Provide at least three different budget types maintained by the local government and an example of what each controls.
Analyze the Management Discussion and Analysis for at least three assertions made by management as to their budgetary and fiscal compliance. Provide an example of each of the three assertions you analyzed.
Analyze the financial reporting of a local government for specific indications of budgetary and fiscal compliance.
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