ACCT625-Select a Comprehensive Annual Financial Report

ACCT625

Case Study I

Case Study I will be completed as an individual effort.

Select a Comprehensive Annual Financial Report (CAFR) from your favorite state or local governmental agency. Be sure to state which state or local governmental agency you are analyzing.

Analyze the CAFR that you selected. Prepare a report in your own words analyzing and explaining the following:

1. Discuss what the main sections of the report are.

2. Discuss the introductory section of the CAFR:
a. Explain whether or not the CAFR has a certificate of achievement of excellent in financial reporting

b. Explain the key issues addressed in the letter of transmittal.

3. Discuss the budget-to-actual comparisons of the major funds.
a. Explain the accounting basis used to prepare its annual operating budget.

b. Explain whether the actual amounts are on a GAAP or a budgetary basis.

4. Discuss the main sources of the government’s revenues, including those from both governmental and business-type activities.

5. Discuss how the government classifies its governmental expenditures. Explain whether the classifications are approximately the same in both the government-wide financial statements and the fund statements.

6. Discuss what types of assets are reported and how they are reported for government-wide financial statements and the fund statements.

7. Discuss what types of liabilities are reported and how they are reported for government-wide financial statements and the fund statements.

8. Discuss whether or not you feel that the CAFR is easy to read and understand.
Discuss what recommendations regarding the CAFR you make to the governmental entity.

Prepare a report in your own words that shows in-depth critical thinking – and support your answers with analysis. There are many ways to do this, but in addition to the answering the questions you need to analyze, explain or describe what you are doing as though you are presenting the work to a CEO, Executive Officer, CFO or Board.

Provide a cover page (with your name and title of the work) and a bibliography (also remember that you need to cite your sources within the paragraphs (body of your work). You should have a minimum of five pages double spaced counting cover page and bibliography. Use Excel if there are calculations, but use Word if no calculations are needed. You will be graded based on computational accuracy, critical thinking, professionalism, communication and presentation ­ - and you need to include a cover page with your name on your work – and remember to cite your sources.