FINANCIAL MANAGEMENT FOR - Georgia Department of Education财务管理在乔治亚州教育部.docVIP

FINANCIAL MANAGEMENT FOR GEORGIA LOCAL UNITS OF ADMINISTRATION Date Issued Effective Date Section Title: October 21, 1992 July 1, 1992 II Financial Reporting Revision No. Date Revised Chapter Title: 1 August 2008 22E Comprehensive Annual Financial Report NATURE AND PURPOSE The Governmental Accounting Standards Boards 2011 Codification of Governmental Accounting and Financial Reporting Standards (2011 GASB Codification), Section 2200.101, provides that every government should prepare and publish, as a matter of public record, a comprehensive annual financial report (CAFR)... Neither Georgia statutes nor the Georgia Department of Audits require LUAs to prepare CAFRs even though some have chosen to do so (e.g., Cobb County, Marietta City). The CAFR generally contains three distinct sections: introductory, financial and statistical. These sections may be supplemented by certain specialized sections as the need arises such as the single audit section (see Section 22I). Introductory Section The introductory section (and related front matter) is the first section of a CAFR. It is intended to familiarize the reader with the organizational structure of the LUA, the nature and scope of the services it provides, and a summary of an LUAs financial activities and the factors that influence these activities. Some of the introductory section material is subjective in nature in contrast to the relatively objective information reported in the financial and statistical sections. The introductory section also includes future-oriented predictive information such as economic forecasts and discussions of future initiatives. Because of the subjective and predictive nature of the introductory section material, ordinarily it is excluded from the scope of the independent auditors examination. This section includes the following: Report cover and title page. Table of contents - The report should have a single table that lists the various statements an