Government Financial Reporting Submit your responses to the following questions in a 1-2 page...

Question

Government Financial Reporting  Submit your responses to the following questions in a 1-2 page summary MSWord document. Label each question clearly. For computations done in an Excel spreadsheet, please copy and paste your work into your MSWord document. For written answers, please make sure your responses are well written, using APA formating, and have the proper citation, if needed.   	A city manager was overheard saying, “Since we don’t release them to the public, I don’t see any value in taking the time to prepare interim reports.” Explain why you agree or disagree with this statement. 	Describe how a taxpayer might assess the financial solvency and viability of a government using government-wide financial statements prepared according to generally accepted accounting principles.

David · Accepted Answer

1. A city manager was overheard saying, “Since we don’t release them to the 
public, I don’t see any value in taking the time to prepare interim reports.” Explain why 
you agree or disagree with this statement. 
Solution:- 
Interim reporting also known as semi-annual reporting states that an organization is 
required to file its financial statements with regulatory authorities for a period of less than a year. 
Both commercial organizations as well as nonprofit organizations are required to file these 
reports, there is no fix period for which interim report must be mad rather the period of interim 
reporting is different for different type of organizations. Usually interim reports are not audited 
reason being organizations are only liable to get their accounts audited on annual basis. (Interim 
reporting, Ch-5) 
We do not agree with the statement of the city manager that interim report is of no use as 
they are not distributed to the shareholders. Accounting information is useful only if it’s timely 
available, timeliness is a crucial factor in financial reporting. Apart from investors there are 
various other parties which are interested in the financial statements of an organization, also 
these statements are used by the management of the organization for making decisions.

Government Financial Reporting Submit your responses to the following questions in a 1-2 page summary MSWord document. Label each question clearly. For computations done in an Excel spreadsheet,...

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