ACCT567 Discussions Week 5

$9.50

ACCT567 Discussions Week 5
tax agency fund and what are some issues that complicate accounting for tax agency funds…

 

SKU: ACCT 567 Fiduciary Funds Financial Reporting  Categories: , Tags: , , ,

Description

ACCT567 Discussions Week 5

ACCT567 Discussions Week 5

All Students Posts 71 Pages

Fiduciary Funds – 35 Pages

Discuss various situations in which a government has fiduciary responsibility but does not report them in fiduciary funds.  Fiduciary relationships are very common in business and law. Let’s begin by defining a fiduciary and a fiduciary relationship. Can you give some examples of each? How does a trust fund differ from an agency fund? Why does an agency fund not recognize revenues, expenses and equity? What is a tax agency fund and what are some issues that complicate accounting for tax agency funds?…

Financial Reporting – 36 Pages

What basis of accounting is used to report governmental activities in government-wide financial statements? Can another basis be used? Let’s also look at current events related to pensions. Can you identify some states around the country and some cities in California that are having problems related to public employee pensions? What types of problems are they having and why? What do you think has caused these problems? Class, what are interim reports and why are they important? Cam you give some examples of interim reports? What are some considerations when determining whether a component unit should be presented discretely or blended in the financial statements? What are some reasons that the figures in the governmental activities section of the government-wide financial statements would differ from the governmental funds in the fund financial statements? What is OCBOA and why might a government use OCBOA rather than GAAP?…