Required Supplementary Information RSI Governmental Accounting. CPA Exam BAR
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8 ماه پیش
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In this video, I discuss
In this video, I discuss required supplementary information (RSI) as part of annual comprehensive financial report (ACFE).
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Purpose of RSI: The RSI provides additional context and information to users of the ACFR, helping them to better understand the financial statements and assess a government's financial position.
Content of RSI: Typically, RSI includes details not fully captured within the main financial statements. This might involve:
Management’s Discussion and Analysis (MD&A): This section offers an overview and analysis of the financial activities of the government entity, as presented in the ACFR.
Budgetary Comparison Schedules: These compare the actual financial results with the budgeted amounts for the general fund and each major special revenue fund.
Pension and Other Postemployment Benefits (OPEB) Information: Detailed schedules and notes related to pension and OPEB, providing insights into the obligations and funding status of these benefits.
Accounting Standards: The Governmental Accounting Standards Board (GASB) sets the standards for presenting RSI. GASB statements often specify the requirements for RSI to ensure consistency and comparability across different government entities.
Auditor’s Responsibility: While RSI is required, it is not audited to the same extent as the primary financial statements. Auditors review RSI for material misstatements and compliance with GASB requirements, but they do not provide an opinion on it.
Importance for Users: RSI enhances transparency and provides critical data for decision-making. Stakeholders like citizens, investors, and oversight bodies use this information to assess fiscal health, policy implications, and financial management effectiveness of the government entity.
In summary, RSI in the ACFR is crucial for providing a comprehensive understanding of a government's financial activities, obligations, and management practices. It complements the primary financial statements by offering additional insights and analyses.
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✅https://farhatlectures.com/
CPA candidate or student? Start your free trial for more.
Purpose of RSI: The RSI provides additional context and information to users of the ACFR, helping them to better understand the financial statements and assess a government's financial position.
Content of RSI: Typically, RSI includes details not fully captured within the main financial statements. This might involve:
Management’s Discussion and Analysis (MD&A): This section offers an overview and analysis of the financial activities of the government entity, as presented in the ACFR.
Budgetary Comparison Schedules: These compare the actual financial results with the budgeted amounts for the general fund and each major special revenue fund.
Pension and Other Postemployment Benefits (OPEB) Information: Detailed schedules and notes related to pension and OPEB, providing insights into the obligations and funding status of these benefits.
Accounting Standards: The Governmental Accounting Standards Board (GASB) sets the standards for presenting RSI. GASB statements often specify the requirements for RSI to ensure consistency and comparability across different government entities.
Auditor’s Responsibility: While RSI is required, it is not audited to the same extent as the primary financial statements. Auditors review RSI for material misstatements and compliance with GASB requirements, but they do not provide an opinion on it.
Importance for Users: RSI enhances transparency and provides critical data for decision-making. Stakeholders like citizens, investors, and oversight bodies use this information to assess fiscal health, policy implications, and financial management effectiveness of the government entity.
In summary, RSI in the ACFR is crucial for providing a comprehensive understanding of a government's financial activities, obligations, and management practices. It complements the primary financial statements by offering additional insights and analyses.
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8 ماه پیش
در تاریخ 1402/09/07 منتشر شده
است.
441
بـار بازدید شده