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

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Review the CAFR you selected inWeek 1. Based on your review, answer the following questions:Do the notes to the financial statements indicate the component and other related entities included within the reporting entity? Do they indicate any units that are not included? Do the notes explain why these units are included or excluded?If included, are the component units blended or discretely presented in the financial statements?What type of information contained in a government annual report would each of the following groups consider most beneficial:AdministratorsLawmakersCitizensCreditorsIn what ways will the selected report meet these needs? What issues are most likely to be not addressed?Does the report include a copy of the GFOA Certificate of Achievement for Excellence in Financial Reporting? Obtain and review a copy of the GFOA checklist for general purpose governments from the GFOA website. How would you justify to the citizens the government's efforts to attain the certificate?Submission Details:Submit your report in a 3- to 4-page Microsoft Word document, using APA style.

Nitish Lath · Accepted Answer

Analysis of financial statements related to reporting entity and inclusion of components in financial statements:
The city of Austin has prepared the CAFR for year ended September 30, 2021, and it has included all assets of the city including the cities or institutions which are necessary to be involved in CAFR and the entity is responsible for such organizations. The report contained full variety of facilities including public safety, transportation, general administration, urban growth management and other enterprise services. The entity has also included the financial statements of distinct legal organization such as The AHFC, the Urban Renewal Agency, the AIDC and the Mueller Local Government Corporation etc. (City of Austin ,2021). The entity has reported such entities as governmental activities. The Blended component units which are separate legal entities and data of such cities are combined with City of Austin. The Discrete components are not clubbed with the data of city of Austin. The city has disclosed detailed disclosures of both blended and discrete units in its annual report. The main blended units include AIDC, URA, MLGC, ABIA Development Corporation, NP etc. whereas the main discrete units include ABLE, ACE, AEDC, ATP, SCLGC, WCLGC etc. Further, the City Council also appoints the majority voting Board members but the entity is not having no major responsibilities for the Austin Housing Authority. The City of Austin deferred compensation plan and retirement plans are not incorporated in its annual report because there is no significant control exercised by the City over such plans and such associated organizations are not involved in reporting entity. The city has prepared basic financial statements which include fund financial statements and government wide financial reports. The government wide financial reports mainly incorporate the activities of government and business type activities of main administration and component units are represented.

Review the CAFR you selected inWeek 1. Based on your review, answer the following questions:Do the notes to the financial statements indicate the component and other related entities included within...

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