Generally accepted accounting principles require governments to include in their annual reports a comparison of actual results with the budget for each governmental fund for which an annual budget has been adopted. This information is generally presented as “required supplementary information” and as such is not subject to the same degree of auditor scrutiny as is data included in the basic ﬁnancial statements or accompanying notes. Do you think the budget-to-actual comparison is sufﬁciently important to be included as part of the basic ﬁnancial statements? Are governments permitted to include their budget-to-actual comparisons as part of the basic ﬁnancial statements?
Answer to relevant QuestionsThe GASB requires a government to prepare budgetary comparisons for its general fund and major special revenue funds that have a legally adopted annual budget. The city for which you work does not have a legally adopted ...What are the main categories of revenues per GASB Statement No. 33, Accounting and Financial Reporting for Non-exchange Transactions?What are pass-through grants? Under what circumstances must a recipient government report them as both a revenue and an expenditure?Green Hills County received the following two contributions during a year:• A developer (in exchange for exemptions to zoning restrictions) donated several acres of land that the county intended to convert to a park. The ...Manor County was awarded a state grant to establish evening athletic programs for at-risk youth. The $3.6 million award, to cover the calendar year 2015, was announced on November 15, 2014.According to the terms of the ...
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