How Cedar Falls Follows Government Accounting Standards Board: An Analysis

Cedar Falls Report Analysis
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Cedar Falls Report Analysis
How Cedar Falls follows the Government Accounting Standards Board (GASB) Statement No. 34, with a brief outline that showcases the flow
A review of the outline of the brief shoes that it follows the outline shown below;
Management discussion and Analysis (MD&A); this presents an in-depth analysis of the management of the county. It shows the different levels of management and the individuals ta d with the management. Further, the management initiatives in place are then presented. It shows how the individuals in power lead the region (Management accounting research, 2000). Eventually, the effectiveness of these management initiatives is presented. The need for a change in management is deduced from the management analysis presented in this section.
Government wide financial statements; wide financial statements show how the government spends money and capital allocation (Bhimani, 2006). It also gives a rough picture of the available government resources that are allocated to the management. It also shows how the public funds are spent.
Fund financial statements; these statements show how projects are funded and the expenditure of the allocated and funded amounts. The financial statements can also be used to evaluate whether the funds available for project management and progress are used effectively. It also reflects on the financial decisions made by the management and the influence that this has on the projects and initiatives in progress within the area.
Notes to financial statements; notes on the financial statements are also presented. The notes show any abbreviations and key terms and sections presented on the financial statements. They are very important because they help in explaining the financial statements further and this enabling people to understand them better.
Required Supplemental information; all supplemental information that makes the financial statements clearer are presented. They are added in this section because they could not all be accommodated within the financial statements. As such, they are closely related and connected to the information on the financial statements.
Other Supplemental information; finally, the outline of the brief contains this information. It is any other information that is related to the information on the financial statements that are presented. Anyone seeking to understand the financial statements better should also seek to incorporate this information in the financial statements (Bhimani & Roberts, 2004).
Management discussion and analysis (MD&A) section on page 18: Significant areas that were addressed by management
The revenue decreased by 6.56%. The management addressed this area by highlighting the fact that the revenue that was accrued reduced. There are various possible causes of such reduction of the revenue (Camfferman & Zeff, 2015). For instance, poor resource management, embezzlement of funds, corruption, and reduced business income among tax payers may have contributed to this. The management ought to have discussed such issues and the come up with initiatives aimed at driving revenue higher. Reduced revenue means that ...