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ACCT567 Financial Reporting Discussions

ACCT567 Financial Reporting Discussions

Week 5 All Students Posts 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? Can 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?…