Review the CAFR you selected inWeek 1. Based on your review, answer the following questions:Tasks:In...

Question

Review the CAFR you selected inWeek 1. Based on your review, answer the following questions:

Tasks:

In which section of the CAFR can the budget-to-actual comparisons of the major funds be found?
Are the actual amounts on a GAAP or a budgetary basis? Do the statements include a reconciliation of any differences between GAAP and budgetary amounts? If so, what are the largest reconciling items?
Does the government encumber goods or services that have been ordered but not yet received? How, if at all, are these goods or services reflected in the governmental fund balance sheet?
What other sections of the CAFR typically present budgetary information?
Do you think the budgetary disclosures in the report fully address the needs of all the relevant stakeholder groups? Explain your response.

Submission Details:

Submit your answers in a 5- to 7-page Microsoft Word document. Name your document, using APA style.

suacc5335w1cpgarnert-mlh5wqtz-kcdzrthl.docx

Prince · Accepted Answer

CAFR – Budgetary Disclosures
Student Name
13th Nov 2022
Executive Summary
This paper will explore the city of Austin's Comprehensive Annual Financial Report (CAFR) and discuss a variety of topics, including identifying which part of the CAFR includes budget-to-actual comparison of the key funds, whether the actual numbers are established on the budgetary premise or GAAP as well as the largest reconciliation items found under these, and whether the govt encumbers products or services that have already purchased and Finally, responses regarding whether the budgetary disclosure forms fund in the CAFR report fully meet the needs of all relevant stakeholder groups will be provided if these goods and services are in fact included in the govt fund balance sheet and other sections of the CAFR that usually display the budgetary information.
Solution of Question 1: In the CAFR of City of Austin, Texas for the year ended Sep 30, 2021, the comparison of Budget to actual of the major funds could be found in Required supplementary information, starting from page 121 of the CAFR and under Section Combining and Individual Fund Financial statement and Schedules starting from page 133 of the CAFR. Following are the examples of few comparisons provided in the CAFR:
Comparison on Page no. 122 of CAFR: 
Comparison on Page no. 133 of CAFR: 
Solution of Question 2: As per Note no. 1 of financial statement on page 40, the financial statements has been prepared in line with the GAAP. Yes,

Review the CAFR you selected inWeek 1. Based on your review, answer the following questions:Tasks:In which section of the CAFR can the budget-to-actual comparisons of the major funds be found?Are the...

Submission Details:

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