ACCOUNTING-Using the Broward CAFR (only need question 3 and 6)

QUESTION

Instructions:

Follow the link to download the 2014
Broward County, FL CAFR
.broward.org/Accounting/Documents/2014CAFR.pdf”>http://www.broward.org/Accounting/Documents/2014CAFR.pdf

Part 1: Using the Broward CAFR, research answers to
each question presented in parts “a” through “c” of problem 1-16 starting on page 16 of your textbook. Your submission must present the question
followed by your solution in the same outline format presented in problem 1-16,
except you should create bullet points for the individual questions that problem
1-16 presents in paragraph form. For your
convenience, I have copied and pasted the text problem at the end of this document. This allows you to create your document
without having to retype the text questions.
You may copy that material into your own document and insert your
responses. You should have a bullet
point identifying the question/issue followed by your response to each item
listed in your “a. Introductory Section” area.
For example:

a. Introduction Section.
·
What has the city included in the introductory
section of its CAFR?
Your response (including
CAFR page number) in colored &/or italicized font

·
Does it include the items identified . . . (etc.)

Part 2: Using the same approach as for part 1,
complete problem 2-14 (a-f) starting on page 62 of your
textbook. Specifically regarding item f,
does the assigned CAFR address contingencies related to climate change &/or
sea-level rise?

Part 3:
A.
Refer to part “d” of problem 9-15 on
page 397 of your textbook. Reflect on
items 1 through 4, regarding specific needs of the 4 users, based on what
you’ve learned from our discussions, text readings, GASB, etc.
B.
Prepare a brief report (e.g., executive summary) of no
more than two double-spaced pages addressing the issue of whether the assigned
CAFR meets/fails to meet the needs of users.
Be sure to identify the specific needs of each user group listed (Part
3A) and address how well the assigned CAFR meets them. This report will be scored for thoughtful
content, clarity and conciseness of discussion, and form (i.e., spelling,
grammar, etc.). Sloppy, haphazard
submissions will receive a zero! Present
yourself as a professional, or at least a graduate student.

Material from text,
which may be used as the basis for your document’s parts 1 & 2:

1–16 Examine the CAFR.

Introductory
Section.

What has the city included in the
introductory section of its CAFR? Does it include the items identified in the
section of the text titled “Comprehensive Annual Financial Report”?

Financial
Section.

Audit
Report. Are the financial statements in the report audited by an
independent CPA, state auditors, or auditors employed by the government
being audited? Has the city received an unmodified audit report?

Basic
Financial Statements. 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?

Notes
to the Financial Statements. 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?

Other
Supplementary Information. Following the notes to the financial
statements, does the CAFR provide other supplementary information, such
as combining and individual fund statements?

Management’s
Discussion and Analysis (MD&A). Does the CAFR contain an MD&A?
If so, where is it located and what type of information does it contain?

Statistical
Tables.

What information has been included
in this section of the CAFR?

2–14 Examine the CAFR. Utilizing the CAFR obtained
for Exercise/Problem 1–16, examine the financial statements included in the
financial section and answer the following questions.

Government-wide
Statements. What are the titles of the two government-wide statements?
Are total assets larger for governmental activities or business-type
activities? Which function or program has the highest net cost? What kinds
of general revenues are available to cover the net cost of governmental
activities? Were business-type activities “profitable”? That is, is the
excess of revenues over expenses positive?

Governmental
Funds. Does the report state the basis of accounting used for the
General Fund? What types of assets and liabilities are included on the
governmental funds balance sheet? Is this reporting consistent with the
basis of accounting being followed?

Identify which of the major
funds, if applicable, are special revenue funds, debt service funds,
capital projects funds, and permanent funds. Are you able to determine
which funds are considered nonmajor? (Hint: look for supplementary
information.) What fund balance categories are being used?

Proprietary
Funds. List the names of the proprietary fund types included in the
financial statements. Do the financial statements provide evidence that
all proprietary funds use accrual accounting?

Fiduciary
Funds. List the names of the fiduciary funds included in the fund
financial statements. Identify whether each of these is an agency fund,
investment trust fund, pension (and other employee benefit) trust fund, or
private-purpose trust fund. Do the financial statements provide evidence
as to what basis of accounting these funds use?

Notes to the Financial
Statements.
Read the notes to the financial statements, so that you can refer to them
as needed in subsequent chapters. What significant accounting policies are
discussed in the first note? With regard to revenue recognition, how do
the notes define the term available for paying current period
obligations?

9–15 Examine the CAFR. Pg.397
d. Service
Potential of the CAFR. In your opinion, what are the most important
information needs that a governmental annual report should fulfill for each of
the following:

Administrators.

Members
of the legislative branch.

Interested
residents.

Creditors
or potential creditors.

In what ways does the CAFR you have analyzed meet the
information needs you have specified for each of the four groups, assuming that
members of each group make an effort to understand reports equivalent to the
effort you have made? In what way does the report fail to meet the information
needs of each of the four groups?

ANSWER:

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