Fund Financial Statements. Annual Comprehensive Financial Report. ACFR COPA Exam BAR

Описание: In this video, I present the fund financial statements such as governmental funds, propriety funds and fiduciary funds as part of the annual Comprehensive Financial Report.
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The annual Comprehensive Financial Report (ACFR), often referred to as the Comprehensive Annual Financial Report (CAFR), is a thorough and detailed presentation of an entity's financial condition. It's used by governments and large organizations to provide a complete picture of financial activities. Within the ACFR, the fund financial statements are a crucial component. Here's a breakdown of what they typically include:

Government-Wide Financial Statements: These provide a broad overview of the entity's finances, usually in a long-term view. They are typically divided into two parts:

Statement of Net Position: This shows the financial position at the end of the fiscal year, detailing assets, liabilities, and net assets.
Statement of Activities: This shows how the net position changed during the fiscal year, detailing revenues, expenses, and changes in net assets.
Fund Financial Statements: These are more detailed and provide information about the entity's various funds. They are usually divided into three categories:

Governmental Funds: Focuses on how money flows in and out and what money is available for spending at the near term. They use a modified accrual basis of accounting.
Proprietary Funds: These are similar to business accounting and include services that charge a fee for use, like utilities or public transport. They use full accrual accounting.
Fiduciary Funds: These report assets held by the entity in a trustee or agency capacity for others and cannot be used to support the government's own programs.
Notes to the Financial Statements: This section provides additional context and detail about the financial statements, including accounting policies, additional detail about certain items on the balance sheet and income statement, and other relevant information.

Required Supplementary Information (RSI): This includes additional schedules and information that are required by accounting standards but are not part of the basic financial statements. For example, information about the funding of pension plans.

The ACFR provides a comprehensive view of a government's financial health, and the fund financial statements within it are essential for understanding how funds are received, spent, and managed. It's a key tool for accountability and transparency in financial reporting.










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