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The nature of the auditor's responsibility varies with the nature of both the information and the document containing the financial statements. .05 The auditor's responsibility for other information not required by the FASB, GASB, or FASAB but included in certain annual reports—which are client-prepared documents 4 —is specified in AS 2710.
Fund Financial Statements as Required Supplementary Information (RSI) (if component unit does not issue separate financial statements) Notes to Financial Statements. General Disclosure Requirements (Similar to Notes to Financial Statements per the pre-Statement 34 reporting model as applicable and except as indicated below)
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The required supplementary information is included, and the au-ditor has applied the procedures in paragraph .05 of this section. b. The required supplementary information is omitted. c. Some required supplementary information is missing and some is presented in accordance with the prescribed guidelines. d.
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Norwalk, CT, October 19, 2021 —The Governmental Accounting Standards Board (GASB) today issued a pronouncement that changes the name of the most extensive report prepared following its standards to the annual comprehensive financial report or ACFR. Until now, the name applied to those reports was the comprehensive annual financial report.
A candidate for required information is consistent with the reporting objectives and meets qualitative characteristics and cost-benefit considerations discussed in Statement of Federal Financial Accounting Concepts (SFFAC) 1, Objectives of Federal Financial Reporting. Information that meets the criteria for required information is a candidate ...
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Statement 34 only slightly and indirectly modifies the requirements for presenting budgetary comparisons in the supplementary information (SI) when a CAFR is prepared. Statement 34 establishes standards only for basic financial statements, MD&A, and certain other RSI; it does not establish general standards for SI.
81.41%. Trend information is located at the end of the notes section in “Required Supplemental Information”. b. We match our debt payments with the useful life of the asset being purchased by debt. For example, a fire truck is debt funded, but is amortized over 10 years, while a new street is amortized over 20 years.
