Research Paper on San Diego County CAFR Example | Topics and Well Written Essays - 2500 words

On San Diego County CAFR - Research piece of music ExampleThe city functions under and is administrated by the State of Californias laws and its own Charter, as periodically modified since its acceptance by the electorate in 1931 (CAFR 24). The weather of San Diego County is portrayed by mild winters with most of the one-year rainfall between November to March and warm and dry summers. It is known for its natural deep water harbor, desire relationship with the U.S. navy, mild year-round climate, extensive beaches, and latest emergence as a biotechnology and health care development center. Most people who visit the county head to the wild animal park, San Diego zoo, sea world or Lego land. The national, regional and international economic condition has badly affected San Diego Countys urban center services and revenue. It has similarly exaggerated the health of the business community. In this tough economic environment, the urban center of San Diego has effectively balanced its annual budget and also implemented them on time i.e. by June 30 each year. This paper pull up stakes provide an analysis of the Comprehensive Annual Financial Report (CAFR) of San Diego County and the city also meet the political Accounting Standard dining table (GASB) 34 requirements because the Comprehensive Annual Financial Report has been prepared in accord with the standards and principles for reporting as set forth by GASB 34. Governmental Accounting Standard Board (GASB) With the implementation of the GASB 34, the monetary reporting model for local and state governments has been changed. The financial statements under GASB 34 must(prenominal) include Management Discussion and Analysis (MD&A) Government all-encompassing educations involving Statement of Activities Statement of Net Assets caudex Statements Notes to Financial Statements and Required Supplementary Information which includes the budgetary comparison. The CAFR of San Diego County meets the GASB 34 require ments as it is prepared in conformance with the standards and principles for reporting as required in GASB 34. The CAFR of the City also contains MD&A, Statement of Net Assets Statement of Activities Fund Statements Notes to Financial Statements and Required Supplementary Information which includes the budgetary comparison of General Funds. The objective of the Citys CAFR is to provide with the financial statement which is of material misstatement. It maintains the accuracy of data and fairness and completeness of the presentation. In addition, the City is keeping on to progress a complete internal control over the framework of financial reporting to ascertain satisfactory management of taxpayer money (CAFR 22). According to GASB 34 and 51, in the government wide statements all major assets are capitalized by the City of San Diego. Capital assets of both proprietary and governmental storehouses are utilized at the government wide level and proprietary assets are accounted at the f und level (CAFR 41). 2011 2010 With the execution of GASB 54, there was a considerable reclassification between Unrestricted and circumscribe Net Assets. Restricted Net Assets resulted in an increase of $949,227 i.e. by $376,845 and Unrestricted Net Assets goes down by $394,573 (CAFR 36). The statistical instalment provides information as required by GASB 44. In addition to the financial sta