Discussion ( ACCT For Gov)

 PLEASE RESPOND TO THE DISCUSSION QUESTION BELOW..

ACCOUNTING FOR GOVERNMENT AND NOT-FOR-PROFIT

In your previous accounting courses, you have studied for-profit financial accounting. In this course, we are studying government and not-for profit accounting. Who might be some of the users of governmental and not-for-profit entity accounting information?  Also, what purpose might these users need and use this information?  

To receive full-credit for this discussion, be sure to make the distinction between the users of government financial information and the users of NFP financial information. 

RESOURCES

 By the end of this week, you should be able to

• research, analyze, and understand financial statements, and communicate relevant information to appropriate stakeholders


• prepare required reports and financial statements for governmental and not-for-profit entities

Reference:

Explore the web site sponsored by the Greater Washington Society of CPAs (GWSCPA), based in Washington DC to learn more about the financial reporting for Not for Profit Organizations, using Assets, Liabilities, and Net Assets http://www.nonprofitaccountingbasics.org/accounting-bookkeeping/accounting-101.

Financial management for the Not for Profit organization is introduced at the web site http://www.nonprofitaccountingbasics.org/reporting-operations/financial-management-internal-reports-small-midsize-nonprofit-organizations .

The CAFR itself is educational to explain its structure, beginning with the table of contents. The details of the CAFR are presented at a web site such as http://www.ofm.wa.gov/cafr .

Read:

Our course focuses on the financial reporting for government entities at the state and local level using Generally Accepted GASB

The key financial report for government entities at the state and local level is the Comprehensive Annual Financial Report (CAFR) . You will select a government entity with a recent CAFR as a key project and learning process for our course.

The CAFR itself is educational to explain its structure, beginning with the table of contents. The details of the CAFR are presented at a web site such as

http://www.ofm.wa.gov/cafr .

Access this web site to begin your study of the CAFR structure. As you consider the organization of the example CAFR you should read your government entity CAFR so you can develop a plan for your project as you learn about the form (CAFR) and your government entity.

Table of Contents

Introductory section

• Letter of Transmittal


• Certificate of Achievement for Excellence in Financial Reporting


• Statewide Elected Officials as of June 30, 2015


• 2015 State Organization Chart

Financial section

• Independent Auditor's Report


• Management's Discussion and Analysis


• Basic Financial Statements


• Notes to the Financial Statements


• Required Supplementary Information


• Governmental Funds


• Proprietary Funds


• Fiduciary Funds


• Component Units


• Individual Fund Schedules Statistical section


• Statistical Section

Learn more about the IRS Form 990 and Not for Profit (NFP) Organizations

Learn more about the Comprehensive Annual Financial Report (CAFR):

State of Maryland General Revenue Reports

State of Maryland Local Government Landing Page