Discuss at least three unique characteristics of the federal government that necessitate special
accounting and reporting practices, presenting at least one example for each transaction.
Choose at least three unique characteristics of the federal government that necessitate special
accounting and reporting practices.
Discuss these characteristics, presenting at least one example for each one.
Accurately identify and explain the type of audit performed, the audit opinion issued, and the auditor’s
reasons for that opinion, on the most recent federal government financial statement.
Each year the federal government issues an “official” comprehensive financial report that covers all its
activities and is subject to audit.
Review the most recent Financial Report of the United States Government.
Explain the type of audit performed, the audit opinion issued, and the auditor’s reason for that opinion.
(Auditor’s opinion is last item on Table of Contents).
Identify all eight of the financial statements presented by the federal government and the relevance of
each one’s contents to a financial statement user.
In reviewing the federal government’s financial statements, you will observe more basic financial
statements than were required by GASB for the local governments or by FASB for not-for-profits.
Identify each financial statement presented by the federal government and the relevance of the
statement’s content to a financial statement user.
Express an opinion on whether the selected financial statement met its objectives, correctly identifying
the objectives, justifying the opinion with three relative pieces of data from the Financial Report.
Congress enacted the Government Performance and Results Act of 1993, which requires federal agencies
to develop strategic plans, operational objectives, and measures of performance, reporting on the extent
to which the agency met its objectives.
Select one of the federal government reporting entities included in the Financial Report of the United
States Government, and express an opinion on whether it is meeting its objectives. Justify your opinion
with at least three pieces of data from the reporting entity’s Financial Report
Federal Government Accounting and Reporting
Particular features in the government of the United States
It is true that the federal government, as well as businesses have to be supervised by more stakeholder groups than the private sector businesses. This includes lawmakers, government departments and lenders, shareholders as well as the public at large. Since the collection and analysis of data are crucial components of any surveillance effort It is not uncommon the government’s reports are utilized to control the situation. A single of the essential methods of dissemination of information is the annual financial report. This report exposes the financial health of the organization as well as cash flow and the operational performance over an accounting year. Each government creates its annual report according to the guidelines established by standards-setting bodies to ensure that the public can be able to properly evaluate and use reports from different government agencies. The government should be able to provide accurate and useful financial information to people with intermediate levels competence if they are to be held accountable. In addition to its lengthy plans to spend money on projects and capital improvements as well as information on the organization’s liquidity and financial health is required for financial statements to be of any value (Fernandez 1). However the fact that the federal government has distinct characteristics that require special method of accounting and reporting. The vastness of the Federal Government’s powers are the most important characteristic.
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