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CGFM Test 2 with Questions and Answers| 100% Passed
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CGFM Test 2 with Questions andAnswers| 100% Passed
Special Purpose Financial Reports (may or may not be provided to external users) - ✔✔*
budget comparison reports
* cash position reports
* offering statements (when issuing debt)
* popular reports
*grantor reports
* service efforts and accomplishments
* economy and efficiency
Reporting Characteristics - ✔✔1) understandability
2) reliability - info is verfiable and free from bias
3) relevance
4) timeliness - for decision making purposes
5) consistency - any change in method or principle should be noted
6) comparability
** most comprehensive financial reports provide non-financial information regarding the performance
of the entity.
** info is often based on judgements or estimates base on the application of rules or conventions
,American Recovery and Reinvestment Act (2009) - ✔✔** important because it required
online reporting of the use of government funds awarded for the purpose of stimulating the
economy - Recovery.gov
Federal Open Government Initiative - ✔✔government should be transparent, participatory,
and collaborative
* State Dept, Justice Dept, HHS, NASA, Treasury Dept, EPA, Defense, and SSA
Digital Accountability and Transparency Act (DATA Act - 2014) - ✔✔1) expanded FFATA of 2006
2) established government wide data standards that is displayed on USAspending.gov
3) simplified reporting for federal funding recipients
4) agencies held accountable for the accuracy and completeness of data submitted to USAspending.gov
5) apply approaches developed by the Recovery Accountability and Transparency Board
open government challenges - ✔✔making information accessible while securing
personally identifiable information
Securities and Exchange Commission (SEC) 1934 - ✔✔vested with the power to regulate
securities markets, requires publicly traded companies to disclose certain financial information
SEC gave authority to set accounting standards to the Financial Accounting Foundation (FAF), who
appoints members to the FASB to set reporting and accounting standards for private and non-profits
National Committee of Municipal Accounting (1934) - ✔✔* set first reporting standards for states
and locals, and established the Municipal Finance Officers Association (MFOA), which was active until
1941
National Council of Government Accounting (NCGA - 1948)
.... later became GFOA - ✔✔issued the Governmental Accounting, Auditing, and Financial Reporting
(GAAFR/Blue Book) in 1968, however local policy retained primacy
,Audits of State and Local Government Units (ASLGU) - ✔✔issued in 1974 by AICPA in response
to several government financial melt-downs
* recognized the principles in the GAAFR and made them the accepted principles for all state and
locals within the auditing committee, but there was no requirement for compliance (due to their
sovereign status)
Governmental Accounting Standards Board (GASB, 1984) - ✔✔established in lieu of expanding
FASBs authority
GASB standards still not required, but may be necessary for bonding and borrowing, plus good public
policy, so many enacted legislation requiring compliance
Federal Accounting Standards Advisory Board (FASAB, 1990) - ✔✔established by the OMB, Sec of
Treasury, and Comptroller general to address additional financial reporting standards (most were
related to budgetary reporting up until this point)
GASB Mission - ✔✔1) set and improve standards of state/local accounting and financial reporting
2) guide and educate the public in using these reports
GASB Rules of Procedure - ✔✔1) establish an advisory task force to provide feedback on issues
2) publish documents for comment
3) broadly distribute an exposure draft for public comment
4) conduct public hearings on due process documents
5) issue a final standard
, FASAB Mission - ✔✔improving federal financial reporting through issuing financial standards,
which are published in the Federal Register and reviewed by Congress
FASAB rules of procedure - ✔✔1) identify accounting issues and set agendas
2) prepare initial documents
3) release prelim documents, hold public hearings
4) conduct further deliberations, release exposure drafts
5) vote
6) issue final pronouncement
FASB mission - ✔✔set and improve financial accounting and reporting standards that
provide decision-useful information to investors
FASB rules of procedure - ✔✔1) identify issues based on requests from stakeholders
2) decide whether to add to agenda based on staff analysis
3) deliberate issues at public meetings
4) issue an exposure draft to solicit input
5) hold a public roundtable to discuss, if necessary
6) staff analyze comments and Board re-deliberates
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