¶ … Annual Financial Report Fiscal and Economic Condition Analysis
The Piqua City School District in Ohio
Accounting in the public and private sectors is often subjected to differences, some of these differences being also observable at the level of budgeting. One important difference is constituted by the fact that economic agents -- that is private, for profit entities -- will construct the budgetary presentation in the form of annual financial reports. These financial reports are generally composed from financial statements and their qualitative presentation.
Governmental agencies on the other hand are requested to construct comprehensive annual financial reports (CAFR), which are more complex than annual financial reports. These reports contain added elements to the minimum elements requested from economic agents. In this order of ideas, while the financial statements are more detailed, the difference is also observed in the fact that the CAFRs are composed of three main parts -- the financial statements, the qualitative presentation of the financial statements as well as the quantitative interpretation through statistical information (Gauthier, 2005).
Aside from these main differences however, the annual financial reports and the comprehensive annual financial reports also reveal a series of similarities. Among the most important ones are the scope of the reports or the expectations from the reports. In this order of ideas, both categories of institutions -- public and private -- are under the constant observation of the public, and the reports strive to inform the public of the actions undertaken by the company. A difference is however observed in the construction of the public.
While in the case of governmental institutions, the public is constituted by the population, in the case of private organizations, the public is represented primarily by the share owners, but also by other categories of stakeholders, such as customers, staff members or business partners. The expectation of all these public categories is that both the annual financial report as well as the comprehensive annual financial reports reflect the reality of the operations undergone by the agencies. In this sense, the main requirement is that of transparency.
Finally, a last difference is constituted by the budgeting techniques. At the level of the private sector, the financial statements are constructed...
The general fund collects over 86% of the total tax revenues and is the primary funding source for most commonwealth agencies. General fund tax revenues The largest significant source of tax revenues net of refunds is personal income tax. Reported personal income tax accounts for 38% of all tax revenues reported. Sales tax, which represents a tax on various items purchased by consumers, is the second largest category. Reported sales tax
Financial Analysis of Wal Mart Financial Analysis of Wal-Mart Company Overview Wal-Mart Stores Inc. (WMT) is the largest global retail and chain stores operating in various formats. The company operates more than 8000 stores globally across its business segments, which include electronics, groceries, apparel, and small appliances. Although, Wal-Mart operates a global business, however, more than half of the company businesses are located in the United States. Wal-Mart also operates its global businesses
Financial Analysis Carpetright bills itself as Europe's "leading specialist carpet and floor coverings retailer." The company earns most of its revenue in the United Kingdom (80.1%) with the remainder coming from operations in Ireland, Belgium and the Netherlands. The group opened its first store in 1988 and now has 632 stores and over 3300 employees. This report is going to be a comprehensive analysis of Carpetright's financial situation. Five Year Summary Yahoo! Finance
The company's promotional literature emphasizes the synergistic effects of this corporate structure: "IAG combines the two leading airlines in the UK and Spain, enabling them to enhance their presence in the aviation market while retaining their individual brands and current operations. The airlines' customers benefit from a larger combined network for both passengers and cargo and a greater ability to invest in new products and services through improved financial
Non-Profit CAFR Nonprofit accounting is based on the fund accounting, making it very complicated and different from for profit accounting. Fund accounting financial statements are divided into government wide, proprietary, and fiduciary statements. Nonprofit actually has three sets of financial statements compared to one set of financial statements for a for profit entity. Government wide statements basically cover the operations of the government in general. The government wide statements are the
The report reflects the actual figures. Variance columns are presented in comparing the actual with the revised budget. There is reconciliation between the budgetary basis and GAAP are presented on the comparison schedule. The major differences are in how they are reported. There are budgetary comparison schedules provided for reserve funds. All special reserves are included. ("Comprehensive Annual Financial Report," 2012) 3C. Look at the note that describes the basis
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