A Comprehensive Annual Financial Report ( Cafr ) Accounting

A Comprehensive Annual Financial Report ( Cafr ) Accounting

Abstract

This research paper will detail the modified accrual revenue recognition in State and Local Government (SLG) accounting. There will also be discussions on the guidance of governmental fund expenditure recognition, and how it is used in state and local governments. Certainly, there are differences between the fund and the government–wide financial statements, but there are some similarities. Within the paper, it will include the purpose as well as the content of the financial statements. While explaining the government–wide financial statements, the preparation using derived information in the conversion worksheets, will be presented. Lastly, in this research paper, I will explain the elements of a Comprehensive Annual Financial Report (CAFR). Introduction In this paper, I will describe the State and Local Government accounting, using the modified accrual revenue recognition. Using the modified accrual revenue recognition, will follow in description of what it actually measures. Followed by the use of the modified accrual revenue recognition, I will discuss the guidance of the governmental fund expenditure recognition, its definition and recognition. With discussion of expenditures accounting for governmental funds, I will present the importance of recognition. Moreover, there are the reporting guidelines of expenditures in governmental funds. After discussing the guidance, follows the two distinct financial statements: fund financial statements

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