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Instructions Why do you think it was important to focus our time so extensively on accounting for health care organizations? Well, you probably now understand that it is due to the complexities involved with these organizations. As discussed, they span across many reporting entity types to include private, public, not-for-profit, and even governmental entities, such as the Veterans Administration. As such, there are a variety of reporting and accounting procedures in place to accommodate these organizations. We discussed their unique accounting and financial reporting issues. We also considered how to perform some financial and operational analyses of these organizations. In addition, we also looked at the federal government and its unique reporting requirements and how they differ from those at the state and local levels. One notable difference at the federal level are statutory requirements. These are legally binding requirements that Federal agencies must conform to, such as principles, standards, and requirements established by agencies such as the Comptroller General, the Secretary of the Treasury, and the Director of the Office of Management and Budget (OMB). The structure of the Federal government is designed to allow for accountability and credibility. Additionally, we discussed the concepts underlying the federal accounting and financial reporting processes as well as performance and financial reporting requirements. Finally, we reviewed the differences between budgetary and proprietary accounting. CAFR Project: For this project, you will prepare a report based on your analysis of the Comprehensive Annual Financial Report (CAFR) selected at the beginning of this course. You should ensure the report fully addresses each question and accurately and effectively summarizes concepts in your own words. The report should be presented logically with an outline of sections that would allow the audience to easily follow, understand, and interpret your report. Your arguments should be fully and accurately supported, and your report should be free of all grammar and language errors. Questions to address in your report: Financial Section: Which accounting basis did the entity follow to prepare its annual operating budget? What are the main sources of the entity’s revenues, including those from both governmental and business-type activities? What was the entity’s largest expenditure for this year? By how much did it increase or decrease since the previous year? Does this entity maintain any capital projects? If so, how many? Are there any major funds? If so, then for what purposes are they maintained? How many debt service funds does the entity maintain? Are any of these major funds? If so, then then for what types of obligations are they maintained? What type of long-term debt does the entity hold? What is the total long-term obligation for both governmental and business-type activities? Does the entity maintain any fiduciary funds? If so, then for what purposes? Does the entity utilize hedge accounting for foreign currency? If so, then discuss for what purposes and the benefits to the entity. Was the CAFR audited? If so, who audited this entity, an independent CPA, state auditors, or auditors employed by the government? Did the entity receive an unqualified audit opinion? If not, state why. Does the CAFR contain a management’s discussion and analysis (MD&A)? If so, where is it located, and what were the main issues discussed? Does the CAFR contain both government-wide financial statements and fund statements? How many financial statements have been included as part of the basic financial statements section of the CAFR? How many notes follow the required basic financial statements? Is there a phrase at the bottom of the basic financial statements indicating that the notes are an integral part of the financial statements? Why do you believe this statement is important to include on the financial statements? Does the CAFR contain other supplementary information, such as combining and individual fund statements? If so, state what information is included and discuss its importance to the CAFR. Do the statements, notes, and schedules present the information required by the GASB? Are the Total columns for the current year compared with Total columns for the prior year? Discuss why you think this is an important comparison on the financial statements. Statistical Section: What is the population of this entity? In your opinion, what are the most important information needs that a government annual report should fulfill for each of the following stakeholders: Members of the legislative branch. Interested residents. Creditors or potential creditors. In what ways did your CAFR meet the needs you have specified for each of the four groups listed above? In what way(s) did the report fail to meet the information needs for each of these four groups? Conclusion: Summarize your report in one or two paragraphs, highlighting the financial condition of the entity. Governmental and not-for-profit accounting are unique concepts to learn and may have been different from what you expected at the beginning of the course. Conclude with your personal thoughts on how this course may have or will assist you in your future goals, such as education, career, or other areas of life. Length: 8-10 pages double-spaced (minimum) plus a cover page and reference page. Must also include subtitles for this assignment. References: Include a minimum of five scholarly resources including the governmental entity’s website. This assignment must demonstrate and applies an understanding of the course concepts and learning outcomes, specifically by addressing the following: · Determining proper treatment of various business combinations. · Applying consolidations procedures. · Utilizing foreign currency and hedge accounting. · Differentiating between for‐profit, not‐for‐profit, and · governmental accounting transactions. Links: https://www.chicago.gov/city/en/depts/fin/supp_info/comprehensive_annualfinancialstatements.html? https://www.chicago.gov/city/en/depts/fin/supp_info/comprehensive_annualfinancialstatements/2019-financial-statements.html
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