Comprehensive Annual Financial Report Briefing
Comprehensive Annual Financial Report Briefing
Not- For- Profit &Government Accounting
Comprehensive Annual Financial Report Briefing
The Village of Tinley Park, is located in Cook County, Illinois, was entered in 1892 under the provisions of the constitution and general statutes of Illinois. The Village operates under government of the trustee-village and provides many services including planning, public safety, zoning, roads, and general administrative services (Tinley Park, 2009). The accounting policies of Tinley Park comport to the generally accepted accounting principle as applicable to governments. The Governmental Accounting Standards Board (GASB) is the legal body for enacting governmental accounting and financial reporting principles. (Tinley Park, 2009).Upon your request this paper is intended to discuss the governmental accounting and for-profit financial accounting, and to provide an overview of government reporting and reporting entity for the village of Tinley Park as well as provide an Assessment of the Management discussion & Analysis reporting unit for the village of Tinley Park.
Differences in Governmental accounting and for Profit Financial Accounting The Village of Tinley Park is a government organization that is not interested in making money as the for- profit organization, so it uses an accounting system called Fund accounting that is more concerned about accountability rather than profitability. Fund accounting basically gather financial data into (funds) that have similar purposes. Applying the fund accounting allow the villige to have a clear idea of what resources is available to finish a specific job (Tinley Park, 2009). The Village is not interested in making profit! Ideally, it wants expenditures and revenue to be very close in every year. Unlike a for-profit organization, if the village finds itself operates at a large surplus, it will not pause to reduce the tax burden for its residents
Not- For- Profit &Government Accounting
Comprehensive Annual Financial Report Briefing
The Village of Tinley Park, is located in Cook County, Illinois, was entered in 1892 under the provisions of the constitution and general statutes of Illinois. The Village operates under government of the trustee-village and provides many services including planning, public safety, zoning, roads, and general administrative services (Tinley Park, 2009). The accounting policies of Tinley Park comport to the generally accepted accounting principle as applicable to governments. The Governmental Accounting Standards Board (GASB) is the legal body for enacting governmental accounting and financial reporting principles. (Tinley Park, 2009).Upon your request this paper is intended to discuss the governmental accounting and for-profit financial accounting, and to provide an overview of government reporting and reporting entity for the village of Tinley Park as well as provide an Assessment of the Management discussion & Analysis reporting unit for the village of Tinley Park.
Differences in Governmental accounting and for Profit Financial Accounting The Village of Tinley Park is a government organization that is not interested in making money as the for- profit organization, so it uses an accounting system called Fund accounting that is more concerned about accountability rather than profitability. Fund accounting basically gather financial data into (funds) that have similar purposes. Applying the fund accounting allow the villige to have a clear idea of what resources is available to finish a specific job (Tinley Park, 2009). The Village is not interested in making profit! Ideally, it wants expenditures and revenue to be very close in every year. Unlike a for-profit organization, if the village finds itself operates at a large surplus, it will not pause to reduce the tax burden for its residents
References: Elmerraji. J, (2009). Navigating Government and Nonprofit Financial Statements. Retrieved August 01, 2010 from http://www.investopedia.com/articles/basics/07/government_nonprofit_statements.asp Tinley Park, (2009). Tinley Park, IL Comprehensive Annual Financial Report. Retrieved August 01, 2010 from http://www.tinleypark.org/documents/TinleyParkFY2009CAFR.pdf Wikipedia, (2009). Fund accounting. Retrieved August 01, 2010 from http://www.tinleypark.org/documents/TinleyParkFY2009CAFR.pdf