ACC 548 Week 1 Individual Assignment Comprehensive Annual Financial Report Briefing

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 governments, whereas the Financial Accounting Standards Board (FASB) sets these standards in for-profit business (Granof&Wardlow, 2011).
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