OverviewThe Governmental Accounting Standards Board (GASB) has established accou
OverviewThe Governmental Accounting Standards Board (GASB) has established accountability as the cornerstone of financial reporting for governments. Accountability, as defined by GASB, includes budgetary and fiscal compliance. In this assignment, you will explore a local government’s Annual Comprehensive Financial Report (ACFR) for the elements of the ACFR and how those elements are incorporated by a local government.
Your professor will assign a local government ACFR for use in this assignment.
InstructionsWrite a 3-5 page paper in which you address the following:
Analyze the local government ACFR for the types of budgets the local government maintains. Provide at least three different budget types maintained by the local government and an example of what each controls.
Analyze the Management Discussion and Analysis for at least three assertions made by management as to their budgetary and fiscal compliance. Provide an example of each of the three assertions you analyzed.
Analyze the Budget-to-Actual reports in the local government ACFR for at least three indications of budgetary and fiscal compliance, such as significant or non-significant variances. Provide the implication for the local government of each of the three indications.
Analyze the local government ACFR for at least three local government finance-related legal or contractual requirements. Provide an example of each of the three requirements.
Use at least three quality sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library or review library guides.
This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support. Check with your professor for any additional instructions.
The specific course learning outcome associated with this assignment:
Analyze the financial reporting of a local government for specific indications of budgetary and fiscal compliance.
View Rubric
Week 4 Assignment – Week 4 – Assignment: Financial Reporting Review of Local Government
Week 4 Assignment – Week 4 – Assignment: Financial Reporting Review of Local Government
CriteriaRatingsPts
Analyze the local government ACFR for the types of budgets the local government maintains. Provide at least three different budget types maintained by the local government and an example of what each controls.26 to >23.4 pts
Exemplary
Analyzed the local government ACFR for the types of budgets they maintain. Identified three different budget types maintained and provided an example of what each control.23.4 to >20.8 pts
Competent
Analyzed the local government ACFR for the types of budgets they maintain. Identified three different budget types they maintained and provided an example of what two of the identified types control.20.8 to >18.2 pts
Satisfactory
Analyzed the local government ACFR for the types of budgets they maintain. Identified three different budget types they maintained. Response contains at least one example of what a budget type controls.18.2 to >15.6 pts
Needs Improvement
Analyzed the local government ACFR for the types of budgets they maintain. Identified two different budget types they maintained and an example of at least one of the budgets identified controls.15.6 to >0 pts
Unacceptable
Did not submit or submission contains no evidence or identification of the type of budgets maintained or identification of examples of what they control./ 26 pts
Analyze the Management Discussion and Analysis for at least three assertions made by management as to their budgetary and fiscal compliance. Provide an example of each of the three assertions you analyzed.
26 to >23.4 pts
Exemplary
Analyzed the Management Discussion and Analysis for at least three assertions made by management as to their budgetary and fiscal compliance. Provided an example of each of the three analyzed assertions.23.4 to >20.8 pts
Competent
Analyzed the Management Discussion and Analysis for at least three assertions made by management as to their budgetary and fiscal compliance. Provided an example of two of the analyzed assertions.20.8 to >18.2 pts
Satisfactory
Analyzed the Management Discussion and Analysis for at least three assertions made by management as to their budgetary and fiscal compliance. Provided an example of one of the analyzed assertions.18.2 to >15.6 pts
Needs Improvement
Analyzed the Management Discussion and Analysis for at least three assertions made by management as to their budgetary and fiscal compliance. Provided an incomplete example of one management assertion.15.6 to >0 pts
Unacceptable
Did not submit or submission contains no evidence of analysis of management assertions or examples of any assertions./ 26 pts
Analyze the Budget-to-Actual reports in the local government ACFR for at least three indications of budgetary and fiscal compliance, such as significant or non-significant variances. Provide the implication for the local government of each of the three indications.
26 to >23.4 pts
Exemplary
Analyzed the local government methods used in preparation of the Budget-to-Actual reports in the ACFR, including the basis of accounting used, significant variances, and other local government finance-related legal or contractual requirements.23.4 to >20.8 pts
Competent
Analyzed the local government methods used in preparation of the Budget-to-Actual reports in the ACFR, including at least two analysis factors – the basis of accounting used, significant variances, or other local government finance-related legal or contractual requirements.20.8 to >18.2 pts
Satisfactory
Analyzed the local government methods used in preparation of the Budget-to-Actual reports in the ACFR, including at least one analysis factor – the basis of accounting used, significant variances, or other local government finance-related legal or contractual requirements.18.2 to >15.6 pts
Needs Improvement
Analyzed the local government methods used in preparation of the Budget-to-Actual reports in the ACFR, but submission includes only partial inclusion of analysis factors – basis or accounting used, significant variances, or other local government finance-related legal or contractual requirements.15.6 to >0 pts
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Did not submit or submission contains no evidence of analysis of local government methods used in preparation of the Budget-to-Actual reports in the ACFR and did not include any analysis factors – basis of accounting used, significant variances, or other local government finance-related legal or contractual requirements./ 26 pts
Analyze the local government ACFR for three local government finance-related legal or contractual requirements. Provide an example of each of the three requirements.
26 to >23.4 pts
Exemplary
Analyzed the local government ACFR for three local government finance-related legal or contractual requirements. Provided an example of each of the three requirements.23.4 to >20.8 pts
Competent
Analyzed the local government ACFR for three local government finance-related legal or contractual requirements. Provided an example of two of the three requirements.20.8 to >18.2 pts
Satisfactory
Analyzed the local government ACFR for three local government finance-related legal or contractual requirements. Provided at least one example of such a contractual requirement, however, the remainder of the submission does not contain suitable examples.18.2 to >15.6 pts
Needs Improvement
Analyzed the local government ACFR for three local government finance-related legal or contractual requirements. Provided a partial example of only one of the identified requirements.15.6 to >0 pts
Unacceptable
Did not submit or submission contains no evidence of analysis of the local government ACFR, with no identification of primary revenue sources from both governmental and enterprise funds or any analysis of the following factors – revenue rates, revenue trends, or whether there was any delay in the recognition of revenue./ 26 pts
Use at least three quality sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment.
13 to >11.7 pts
Exemplary
Cited at least three credible, relevant and appropriate sources; each source was cited within the assignment.11.7 to >10.4 pts
Competent
Cited required number of sources but not all sources were credible, relevant or appropriate; or sources were not cited within the assignment.10.4 to >9.1 pts
Satisfactory
Cited required number of sources but sources were not credible, relevant or appropriate.9.1 to >7.8 pts
Needs Improvement
Did not cite the required number of sources and one or more sources were not credible, relevant or appropriate.7.8 to >0 pts
Unacceptable
Did not cite any sources./ 13 pts
Produce writing that contains accurate grammar, mechanics, and spelling in accordance with SWS style.
13 to >11.7 pts
Exemplary
Produced writing that is clear and well organized and applies appropriate SWS style. Writing contains accurate grammar, mechanics, and spelling with no errors.11.7 to >10.4 pts
Competent
Produced writing that attempts to be clear and well organized and to apply appropriate SWS style. Writing contains some errors in grammar, mechanics, and spelling. There may be occasional errors (1–2), but they do not impact the ability of the reader to understand the writing.10.4 to >9.1 pts
Satisfactory
Produced writing that attempts to be clear and well organized and to apply appropriate SWS style. Writing contains some errors in grammar, mechanics, and spelling. There are multiple errors (3–4) that distract from the reader’s ability to understand the writing.9.1 to >7.8 pts
Needs Improvement
Produced writing that has noticeable issues with clarity, organization, and the application of SWS style. Errors in grammar, mechanics, and spelling detract from readability. Overall, there were frequent errors (5–6) and have a definite impact on the ability of the reader to understand the writing.7.8 to >0 pts
Unacceptable
Produced writing that lacks clarity, organization, or does not apply SWS style. There are significant issues with grammar, mechanics, and spelling. Overall, errors are significant in number (7 or more), and the reader will have difficulty understanding the writing.
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