Reference no: EM131322993
Assignment
As my town is very small and I was unable to find the CAFR, but I was able to find reports for my nearest city (and the one I work in), Concord, NH, for the fiscal year ending June 30, 2015. One thing that I found interesting right away is the state does not require an annual audit, but the city has had their reports audited every year dating back to the 1920s.
According to the Auditor's Opinion, the report prepared by the City of Concord successfully presented "the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information," (Melanson Heath in Concord, NH 2015 CAFR). Being a city government, Concord is held to different standards than a for-profit business, as they serve two different purposes. According to Hoyle, a government's main goal is focused on the citizens of their domain, while a for-profit operation is focused on just that: to make money. One example of this is the fact that a government financial statement will include a Statement of Net Position, which a business enterprise wouldn't bother with. (Hoyle, 2014)
Being that my knowledge of CAFR's is limited, my impression may not be the most informed one to go off of! However, like many Annual Reports in for-profit business, I enjoyed how the information was presented, and had many headings and ease of use. It was also certainly interesting learning more about the city where I spend a great deal of time.
•Hoyle, J.B., Schaefer, T., Doupnik, T. (January 2014) Advanced Accounting, 12th Edition. Retrieved from https://connect.mheducation.com/connect/hmEBook.do?setTab=sectionTabs
•LeBrun, B. G., & Graff, K. A. (2015). Comprehensive Annual Financial Report for Fiscal Year Ending June 30, 2015 (Rep.). Concord, NH. doi:https://www.concordnh.gov/DocumentCenter/View/6290
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