Government-wide statements present financial information for both governmental activities and business-type activities. These statements measure economic resources and utilize accrual accounting. The fund-based statements separately present the governmental funds, the proprietary funds, and the fiduciary funds.
Government financial statements report all financial transactions for the government for the year. These statements are are not a budget, but rather a …
Nov 07, 2016 · On what do the government-wide financial statements report? Operational accountability. Fiscal accountability. The cost of government services. Budgetary compliance.
May 05, 2020 · The purpose of these financial statements is to present the financial position and the operating results of the government entity as a whole. The statements are expected to provide users with operational accountability information and to enable them to do the following: understand the true financial position of the governmental entity, including capital and financial …
Government-wide Financial Statements. The GWFS are reported using the economic resources measurement focus and the full accrual basis of accounting. GWFS report information about the government as a whole without displaying individual funds or fund types.
The purpose of these financial statements is to present the financial position and the operating results of the government entity as a whole. The statements are expected to provide users with operational accountability information and to enable them to do the following: 1 understand the true financial position of the governmental entity, including capital and financial assets and long-term as well as short-term liabilities; 2 determine whether the entity is able to continue to provide current service levels and meet its obligations as they become due; and 3 determine the operating results of the entity, including the economic cost and the net cost of services, and assess the economy, efficiency, and effectiveness of operations.
Net program (expense) or revenue. General revenues. Governmental activities and business-type activities are separated from the statement. It does NOT include fiduciary funds either - remember that these are funds being held in a custodial capacity, so they aren’t resources for the government’s use. The measurement focus for the government-wide ...
A government-wide financial statement is a detailed summary of all the major government funds, what they have spent, and how much money they have left. This statement shows in detail each aspect the government has spent money on and how much money is left, if any.
The balance sheet is one of the main aspects of the government-wide financial statement. The balance sheet first presents the assets of the government that they use to provide services to the populace that they serve. The balance sheet shows all current assets at the time that the balance sheet was made. This is because government funds are changing constantly because money comes in and goes out so frequently. The balance sheet will also list all of the government's liabilities, that is the money that is owed by that government to other entities.
Fiduciary funds contain funds that are held by a government for other people or entities. A great example of this is a trust fund for public employees' retirement accounts. A proprietary fund contains funds that are financed by their own activity, for example, a city utility such as water or electricity.
There are five types of government funds: special revenue funds, debt service funds, capital projects funds, permanent funds, and general funds.
The Balance Sheet. The balance sheet is one of the main aspects of the government-wide financial statement. The balance sheet first presents the assets of the government that they use to provide services to the populace that they serve. The balance sheet shows all current assets at the time that the balance sheet was made.
The last aspect of the balance sheet is the reconciliation. The reconciliation is done between the total fund balance and the total government activities. The fund balance is how much money is in the fund for use. The government activities for each fund is the money that is deducted because it has been spent.
The fund balance is how much money is in the fund for use. The government activities for each fund is the money that is deducted because it has been spent. The left-over amount of money is the balance. It is up to each government as to how and where they show the reconciliation.
As a government-wide financial statement, it is designed to report the economic resources of the government as a whole (except for the fiduciary funds, which are not included because those assets must be used for a purpose outside the primary government).
As GASB Statement 14 states, “as a minimum, governments should report direct expenses for each function.
Direct expenses are those that are specifically associated with a service, program, or department and, thus, are clearly identifiable to a particular function. ”. ii.
GASB has defined direct expenses as those that are specifically associated with a service, program, or department and thus are clearly identifiable to a particular function. Direct expenses include both operating and nonoperating expenses, including depreciation and amortization of assets.
"Shared" capital assets. Depreciation should be prorated as a direct expense of the appropriate functions on some reasonable allocation basis. Capital assets that essentially serve all functions.