Financial Reporting Review of the Federal Government
Week 7 – Assignment: Financial Reporting Review of the Federal Government
Overview
The U.S. Constitution Article I, Section IX mandates “a regular statement and account of the receipts and expenditures of all public money shall be published from time to time” by the federal government.
Two centuries after the publication of the U.S. Constitution, it is still difficult for the federal government to issue financial statements.
In this assignment, you examine the U.S. Federal Government’s financial statements to explore the differences in these statements from other governmental financial statements and the reasons that necessitate these differences.
Instructions
Write a 3–5 page paper in which you do the following:
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.
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