CGFM 2: Chapter 6 (Section II Chapter 3) || with 100% Error-free Solutions.

GASB 34 correct answers -added government-wide level reporting for state and local governments -focuses on activities of the government - both governmental and business-type activities -does not report funds but generally there's a relationship between the funds and the activities -made MD&A part of RSI -MD&A precedes financial statements (vs. rest of RSI) Internal service funds are generally included with -------------- activities correct answers governmental activities - unless the primary customers are enterprise funds in which case the assets and liabilities are reported with business-type activities --the change in net position of internal service funds attributed to internal sales is eliminated so that the funds "break even" interfund transfers are eliminated with the exception of.... correct answers ......interfund charges for goods and services, within governmental activities and within business type activities MD&A correct answers -focus is on the primary government -required aspects: ---brief discussion on basic financial statements, how the gov't-wide F/S are related, and how they are different from the fund-level F/S ---condensed financial information with comparisons to the prior year ------capital assets, other assets and total assets ------long-term, other and total liabilities ------total net position distinguished by its components ------program revenues by major source ------general revenues by major source ------total revenues ------program expenses by function at a minimum ------total expenses ------results of operation before contributions, special and extraordinary items ------contributions to capital ------special and extraordinary items ------transfers ------change in net position ------ending net position ---analysis of financial position and results of operations (reasons including economic factors; positive and negative) ---analysis of balances and transactions of individual funds and limits on uses of resources ---analysis of significant variations between original and final budgets and GF actuals ---description of significant capital assets and L/T debt including capital commitments, credit rating changes, debt limit impacts