Reference no: EM131014213
Washington State CAFR Link: https://www.ofm.wa.gov/cafr/2015/CAFR15.pdf
1. Examine the CAFR.
Utilizing the CAFR obtained for Exercise 1-16 and your answers to the questions asked in Exercise 1-16 and the corresponding exercises in Chapters 2 through 8, comment on the following:
a. Analysis of Introductory Section. Does the report contain all of the introductory material recommended by the GASB? Is the introductory material presented in such a manner that it communicates significant information effectively-do you understand what the government is telling you? On the basis of your study of the entire report, do you think the introductory material presents the information fairly? Comment on any information in the introductory section you feel is unnecessary, and explain why.
b. Analysis of Financial Statements.
1. Do the statements, notes, and schedules in the financial section present the information required by the GASB? Are Total columns provided in the basic financial statements and schedules for the primary government and the reporting entity? If so, are the Total columns for the current year compared with Total columns for the prior year?
2. Review your answers to the questions asked in Exercises 3-15 and 4-15 in light of your study of subsequent chapters of the text and your analysis of all portions of the annual report. Based on your current knowledge and understanding of government accounting, would you change or modify any of your earlier answers? If so, explain how you would change them and why you would change them.
c. Analysis of Statistical Section. Does the statistical section present information in the five categories defined by the GASB? What tables and schedules are presented for each category? Does the information provided in each category appear to meet the purpose of the category? Explain your response.
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:
1. Administrators.
2. Members of the legislative branch.
3. Interested residents.
4. 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?
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