newly elected chief financial official

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newly elected chief financial official
As the newly elected chief financial official of Fairly New City, you have cer…

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newly elected chief financial official

newly elected chief financial official

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As the newly elected chief financial official of Fairly New City, you have certain decisions to make regarding the financial reporting of the city. You quickly realize that the city’s financial reporting is subject to Governmental Accounting Standards Board (GASB) Statement 34 but a Comprehensive Annual Financial Report (CAFR) has never been produced during the city’s fifteen years of existence. Draft brief comments that you will make to the city council to explain the benefits of preparing a CAFR for the city especially considering the need for the financing of infrastructure. Also, prepare a brief summary of the types of information that you will want your staff to gather to include in the Statistical section of the report.