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مشاهدة النسخة كاملة : Definition and Elements of Financial Reporting



محاسب متخصص
03-24-2014, 01:42 PM
Definition and Elements of Financial ReportingLesson 1, Definition of Financial Reporting (http://www.pwc.gmu.edu/course/govt490/C1S1-index.html)Financial reporting in government can be seen as a summary of the government's performance, or capacity, in raising, handling, and using public money. Governments issue many types of financial reports, but the most encompassing and visible is the Comprehensive Annual Financial Report ( CAFR ).

General Definition of Financial ReportingFinancial reporting in government can be seen as a summary of the government's performance, or capacity, in raising, handling, and using public money. Another way of expressing the role of financial reporting is to say it goes hand in hand with accountability. Accountability is often considered one of the cornerstones of good democratic governments. Officials are given authority and responsibility and it is the task of the officials to clearly convey actions taken and whether these actions fall within the prescriptions of law and community wishes.