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Comprehensive Annual Financial Report
An Annual Comprehensive Financial Report (ACFR), formerly called a Comprehensive Annual Financial Report (CAFR)) is a set of U.S. government financial statements comprising the financial report of a state, municipal or other governmental entity that complies with the accounting requirements promulgated by the Governmental Accounting Standards Board (GASB). The name of the report was changed in 2021 when the Government Finance Officers Association determined that, when spoken, the acronym for "Comprehensive Annual Financial Report" sounded like an offensive slur used in South Africa (see Kaffir (racial term), Kaffir) and decided to change the report's name. GASB provides standards for the content of an ACFR in its annually updated publication ''Codification of Governmental Accounting and Financial Reporting Standards''. The U.S. Federal Government adheres to standards determined by the Federal Accounting Standards Advisory Board (FASAB). An ACFR is compiled by a state, municipal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Financial Statements
Government financial statements are annual financial statements or reports for the year. The financial statements, in contrast to budget, present the revenue collected and amounts spent. The government financial statements usually include a statement of activities (similar to an income statement in the private sector), a balance sheet and often some type of reconciliation. Cash flow statements are often included to show the sources of the revenue and the destination of the expenses. Specific countries and jurisdictions India The Annual Financial Statement of India is tabled in the Indian Parliament by the Finance Minister on the Budget Day. 13-15 other documents are also released in the Parliament along with the actual statement. Briefly divided into three parts, namely Consolidated Fund, Contingency Fund and Public Account, the statement comprises the receipts and expenditure incurred by the government on each part. United Kingdom The UK Government publishes annual accoun ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Governmental Accounting Standards Board
The Governmental Accounting Standards Board (GASB) is the source of generally accepted accounting principles (GAAP) used by state and local governments in the United States. As with most of the entities involved in creating GAAP in the United States, it is a private, non-governmental organization. The GASB is subject to oversight by the Financial Accounting Foundation (FAF), which selects the members of the GASB and the Financial Accounting Standards Board The Financial Accounting Standards Board (FASB) is a private standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Secur ..., and it funds both organizations. Its mission is to establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial reports and guide and educate the public, including issuers, audi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kaffir (racial Term)
Kaffir () is an exonym and an ethnic slur the use of it in reference to Black South Africans, black people being particularly common in South Africa and to some degree Namibia and the former Rhodesia (now Zimbabwe). In Arabic, the word ''kāfir'' ("unbeliever") was originally applied to paganism, non-Islam, Muslims of any ethnic background before becoming predominantly focused on pagan ''zanj'' (sub-Saharan African) who were increasingly used zanj slaves, as slaves. During the Age of Exploration in early modern Europe, variants of the Latin term (pl. ) were adopted in reference to non-Muslim Bantu peoples even when they were monotheistic. It was eventually used, particularly in Afrikaans (), for any black person during the Apartheid era, Apartheid and History of South Africa (1994–present), Post-Apartheid eras, closely associated with South African racism. While originally not pejorative, it became a pejorative by the mid-20th century and is now considered extremely offensiv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Accounting Standards Advisory Board
The Federal Accounting Standards Advisory Board (FASAB) is a United States federal advisory committee whose mission is to improve federal financial reporting through issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users of federal financial information. FASAB is designated as the body that sets U.S. generally accepted accounting principles (GAAP) for the United States Government and its component entities, referred to as federal financial reporting entities. The AICPA Council designated FASAB as the body that establishes GAAP for federal entities in 1999. The Chief Financial Officers Act of 1990 required annual, audited financial statements for the United States Government and its federal reporting entities. In order to apply the statutes of the CFO Act of 1990, the Secretary of the Treasury, the Director of the Office of Management and Budget (OMB), and the Comptroller General established FASAB to de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Institute Of Certified Public Accountants
The American Institute of Certified Public Accountants (AICPA) is the national professional organization of Certified Public Accountants (CPAs) in the United States, with more than 428,000 members in 130 countries. Founded in 1887 as the American Association of Public Accountants (AAPA), the organization sets ethical standards and U.S. auditing standards. It also develops and grades the Uniform CPA Examination. AICPA is headquartered in Durham, North Carolina, and maintains additional offices in New York City, Washington, D.C., and Ewing, New Jersey. History AICPA and its predecessors date back to 1887, when the ''American Association of Public Accountants'' (AAPA) was formed. The Association went through several name changes over the years: the Institute of Public Accountants (1916), the American Institute of Accountants (1917), and the American Society of Public Accountants (1921), which merged into the American Institute of Accountants in 1936. At that time, the decision ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fund Accounting
Fund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals or organisations or by law.Leon E. Hay (1980). ''Accounting for Governmental and Nonprofit Entities, Sixth edition'', page 5. Richard D. Irwin, Inc., Homewood, IL. It emphasizes accountability rather than profitability, and is used by nonprofit organizations and by governments. In this method, a ''fund'' consists of a self-balancing set of accounts and each are reported as either unrestricted, temporarily restricted or permanently restricted based on the provider-imposed restrictions. The label ''fund accounting'' has also been applied to investment accounting, portfolio accounting or securities accounting – all synonyms describing the process of accounting for a portfolio of investments such as securities, commodities and/or real estate held in an investment fund such as a mutual fund or hedge fund. Investment acco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government-sponsored Enterprise
A government-sponsored enterprise (GSE) is a type of financial services corporation created by the United States Congress. Their intended function is to enhance the flow of Credit (finance), credit to targeted sectors of the economy, to make those segments of the capital market more efficient and transparent, and to reduce the risk to investors and other suppliers of capital. The desired effect of the GSEs is to enhance the availability and reduce the cost of credit to the targeted borrowing sectors primarily by reducing the risk of capital losses to investors: agriculture, Home mortgage, home finance and Education loan, education. Well known GSEs are the Federal National Mortgage Association, known as Fannie Mae, and the Federal Home Loan Mortgage Corporation, or Freddie Mac. Congress created the first GSE in 1916 with the creation of the Farm Credit System. It initiated GSEs in the home finance segment of the economy with the creation of the Federal Home Loan Banks in 1932; and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Governing (magazine)
''Governing'' is a website, edited and published in Washington, D.C., that covers state and local government in the United States. Originally a national monthly magazine, it was published in print from 1987 to 2019. It covers policy, politics, and the management of government enterprises. Its subject areas include government finance, land use, economic development, the environment, technology, and transportation. History For most of its life, ''Governing'' was published by Washington, D.C.–based Congressional Quarterly, Inc., a subsidiary of the Times Publishing Co. of St. Petersburg, Florida. In 1994, ''Governing'' acquired its primary competitor, ''City & State ''City & State'' is a political journalism organization based in New York City. The company publishes a weekly magazine covering politics and government in New York City and New York State that is distributed to New York State legislators, co ...'' magazine, and that publication was merged into ''Governing.'' In 2 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting In The United States
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and " financial reporting" are often used interchangeably. Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers. Management accounting focuses on the measurement, analysis and reporting of information for internal use by management to enhance busines ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Audit
A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a means by which organizational policies are enforced, as well as a mechanism for determining policy. In many countries, the government has a kind of constitution, a statement of its governing principles and philosophy. While all types of organizations have governance, the term ''government'' is often used more specifically to refer to the approximately 200 independent national governments and subsidiary organizations. The main types of modern political systems recognized are democracies, totalitarian regimes, and, sitting between these two, authoritarian regimes with a variety of hybrid regimes. Modern classification systems also include monarchies as a standalone entity or as a hybrid system of the main three. Historically prevalent form ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Single Audit
In the United States, the Single Audit, Subpart F of the OMB Uniform Guidance, is a rigorous, organization-wide audit or examination of an entity that expends $750,000 or more of administration of federal assistance in the United States, federal assistance (commonly known as federal funds, federal grants, or federal awards) received for its operations.OMB Office of Federal Financial ManagementThe Single AuditOMB Circular A-133 Subpart B – ''Audits''; §___.200 – ''Audit requirements'',''Understanding Single Audits'' by Henry Flood, Grantsmanship Center Magazine, Fall 2002, retrieved on June 30, 2006 Usually perfo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
