Comprehensive Annual Financial Report (CAFR) Brief for the City of Topeka‚ Kansas Abstract The comprehensive annual financial report (CAFR) is prepared by governments—state‚ city‚ county‚ or municipalities—that allows the citizenry the opportunity to review the performance of fiscal responsibilities with all funds and activities of the primary government. Although CAFR is not mandated‚ it is encouraged‚ with adherence and publication for prepared statements and disclosures in accordance with
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Semester 2 2013 Deegan Topics 2 and 3: The financial reporting environment and Regulation of financial accounting 2.1 What expectations do accounting standard-setters have about the accounting knowledge of financial statement readers? Accounting standard-setters have an expectation that the readers of general purpose financial reports have a ‘reasonable knowledge’ of accounting. Specifically‚ the IASB Framework states that ‘users are expected to have a reasonable knowledge of business
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Financial Statement: A Summary report which quantitatively describes the financial health of a company Purpose of financial Statement: The objective of financial statements is to provide information about the financial position‚ performance and changes in financial position of an enterprise to the shareholders and lenders. it is useful to a wide range of users in making economic decisions. Components of Financial Statement: Profit & Loss Statement / Income Statement Retained earnings
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preparing common-size statements‚ items on the Balance Sheet are generally stated as a percentage of __________ and items on the Income Statement are generally stated as a percentage of __________. total assets; net income. total shareholders’ equity; net income. total shareholders’ equity; net sales. total assets; net sales. Common-size balance sheets express all assets‚ liabilities‚ and equities as a percent of the balance sheet footing (total assets). Common-size income statements express all sales
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MANILA ELECTRIC COMPANY AND SUBSIDIARIES NOTES TO CONSOLIATED FINANCIAL STATEMENTS 1. Corporate Information Manila Electric Company or MERALCO‚ holds a congressional franchise under Republic Act or RA No. 9209 effective June 28‚ 2003. RA No. 9209 grants MERALCO a 25-year franchise valid through June 28‚ 2028 to construct‚ operate‚ and maintain the electric distribution system in the cities and municipalities‚ and barangays in the provinces of Batangas‚ Laguna‚ Pampanga‚ and Quezon. On October
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are three steps in the analysis of financial statements. These are: Selection‚ classification and interpretation. The first step involves selection of information (data) relevant to the purpose of analysis of financial statements. The second step involved is the methodical classification of the data and the third step includes drawing of inferences and conclusions. The following procedure is adopted for the analysis and interpretation of financial statements. 1) The analyst should acquaint
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Material Financial Statement Review What is the net income for the current fiscal year? Is it up or down from the prior year? Why would this information be important to investors? For FY15 the total consolidated income for Walmart is $17‚099 million. In FY14 Walmart recorded a loss from FY13‚ but is showing an increase with $16‚695 million in FY14 to FY15. Page 38 of the Annual Financial Report shows these figures along with many other figures. Investors look at the Annual Financial Report to
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…………………………………………………………………………………………..…………………5 Relationship Between the Assessments of Inherent and Control Risks…………………………..……..……6 Identifying Specific Controls Relevant to Specific Assertions………………………………………………..……..6 Types of Control Activities that Relate to Financial Statement Assertion……………………………..……..7 STAGE C: OBTAINBING EVIDENTIAL MATTER TO SUPPORT THE ASSESSED LEVEL OF CONTROL RISK…….7 Performing Tests of Controls………………………………………………………………………………………………………7 Nature of Tests of Control……………………………………………………………………………………………………
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Income statements For the year ended 30 June 2008 : : Consolidated Notes Parent entity 2008 $’000 2007 $’000 2007 $’000 2008 $’000 Revenue from continuing operations 5 1‚354‚419 1‚230‚513 64‚453 208‚833 Cost of goods sold Other income Selling‚ general and administrative expenses Other expenses Finance costs 7 6 7 7 7 (608‚040) --(399‚411) (76‚420) (24‚986) (570‚979) 671 (355‚483) (63‚422) (19‚486) ----(1‚733) (15‚888) (21‚298)
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considered when illegal activity occurs. The first factor an auditor should consider is how the occurrence effects the financial statement and the penalty‚ if any‚ for the issue. The second factor to be considered is the integrity of the management staff and their reaction to the illegal occurrence. The last factor for an auditor to consider when an illegal occurrence happens is the internal controls over the financial reporting. “Smuggling” money into the US can result in fines. “Smuggling”
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