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Comprehensive Annual Financial Report Briefing;Each year the State of Nevada issues the Comprehensive Annual Financial Report (CAFR). The most recent being the 2011 report that was issued by Kim R. Wallin, the State Controller, for the fiscal year ending June 30, 2011. In recent elections, there have been some additions to the Nevada elected board members. The purpose of this paper is to provide an overview of government accounting and reporting, and to introduce the Nevada CAFR to the newly elected board members. Also contained is an evaluation of the Management Discussion & Analysis (MD&A) section contained in the 2011 report.;Governmental Accounting and Reporting;Budgeting and accounting are particularly important for a government entity. Any individual with the capacity to make decisions concerning the governing body should possess the fundamental knowledge of budgeting and accounting. The Governmental Accounting Standards Board (GASB) sets the accounting and financial reporting standards for state and local overnments, whereas the Financial Accounting Standards Board (FASB) sets these standards in addition, the actual budget holds more significance in government than in regular business. The budget is technically what governs the government;State of Nevada CAFR;The State of Nevada issues the CAFR in accordance with the Nevada Revised Statutes (NRS) and the State Accounting Procedures Law. The reports objective is to provide a clear picture of the State of Nevada government as a unified, single entity and to provide fund-based financial statements.;The State of Nevada CAFR is divided up into four sections. A brief outline of the contents of each section is shown below.;? Introductory Section ? This section includes the letter of transmittal that summarizes the governments profile, financial information, the economic outlook, major initiatives and awards and acknowledgements for the state. Also included are the constitutional officers and an organizational chart.;? Financial Section ? This section is the bulk of the report. It includes the independent auditor?s report, management discussion and analysis, government and fund financial statements, supplementary information, and statements and schedules for multiple funds associated with the State of Nevada.;Management Discussion & Analysis Evaluation;The analysis of the basic financial statements of the State of Nevada is broken up into separate sections: (1) government-wide financial statements, (2) fund level financial statements, and (3) the notes to the financial statements. In additionto the analysis of the basic financial statements, the analysis of other supplementary information is included.;The State of Nevada?s financial position improved slightly from 2010 to 2011 as net assets increased by $50 million The governmental funds for the State of Nevada decreased from 2010 by $120 million to $1.46 billion. These funds are made up of the general fund, which is the chief operating fund of the state, the state highway fund, the municipal bond fund, and the consolidated bond interest redemption fund. Proprietary funds of the state consist of enterprise funds and internal service funds. Enterprise funds are allocated to programs outside of the state whereas internal services are allocated to state agencies..;References;Copley, P. A. (2011). Essentials of Accounting for Governmental and Not-for-Profit Organizations (10th ed.). Retrieved from The University of Phoenix eBook Collection database;Granof, M. H., &Wardlow, P. S. (2011). Core Concepts of Government and Not-for-Profit Accounting (2nd ed.). Retrieved from The University of Phoenix eBook Collection database.;Wallin, K. R. (2011). State of Nevada Comprehensive Annual Financial Report. Retrieved from;A


Paper#80229 | Written in 18-Jul-2015

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