Financial Accounting Standards Essay Example | Topics and Well Written Essays - 1000 words

Financial Accounting Standards - Essay ExampleThe statistics present all this in influenceation in the form of numerical data. Thus, the CAFR is shaped. This essay will discuss the CAFR of Texas and all its major components.The Texas CAFR has a table of contents which divides the sketch into the three parts mentioned above. The first part is known as the introductory section and holds the letter of transmission system along with the structure of the government in Texas and the officials involved in ensuring its smooth running.The second part of the CAFR includes a number of different components. It begins with the independent auditors report and continues with the managements discussion and analysis of the report. It likewise government monetary statements which include the net assets and the statement of activities conducted by the state. Also included ar the balance sheets, different silver statements which governments funds balance in the net assets and the revenues and e xpenditure in the governmental balance sheets. These proprietary funds also count the net assets and cash flows. Fiduciary net assets and the changes do to them are included in the monetary report.Non-major funds are part of the financial statements of the CAFR. This includes governmental, special revenue, debt service, capital projects, and permanent funds. The balance sheets and revenue, expenditure and changes are also provided for in the fund balances. Non-major enterprise forms a separate aspect of the report. It includes statements of net assets, cash flows and revenues and changes made to the fund net assets for non-major enterprise and educational institutions colleges and universities. Pension and other employee benefits, trust funds set for hugger-mugger purposes and funds used by agencies are included in the CAFR. The fiduciary net assets are observe along with the changes in these assets. The financial statement ends with a statement of the net activities and assets of the state.The statistical section includes the financial trends which include the net assets and governmental funds and the changes made to them. Also, the revenue is counted which includes the tax collections, retail sales and tax income state product. The debt is also covered in the statistics with the outstanding debt and outstanding bond coverage being counted into it. demographic information like the top ten employers in Texas and employment and unemployment rates are also presented in this statistical report. It ends with the capital assets and their operation in Texas. Thus, these three sections are divided into a variety of components to create the CAFR of Texas (Texas Comptroller of Public Accounts) which helps determine the funds and balance available to this state of America. Governmental Accounting Standards circuit board (GASB) and Financial Accounting Standards Board (FASB) Analysis paperThe GASB is the model applied by the General received Accounting Principles used at the federal and state level in the United States. The FASB is also like to this model because it too has been created to establish General Accounting Principles for the public interest of the country. However, the difference is that while GASB sets standards for financial accounting and reporting at the state and local government level, FASB does the same job for the private domain which includes not-for-profit