Government Accounting - 1454 Words

Overview of government accounting Government accounting Government accounting refers to the different accounting systems that the different entities in the public sector use. Government Accounting Standards Board (GASB) set the accounting standards to be used by the state and local government. The role of the Governmental Accounting Standards Board (GASB) is to set up and improve the accounting standards of state and local government. It also ensures that financial reporting gives accurate and reliable information to the users. It also educates and guides the public, auditor s users and issuers of the financial reports. Comparison of governmental accounting with for-profit financial accounting Governmental accounting and for-profit†¦show more content†¦It is therefore a primary government. The district is in the same geographical region with Maricopa County, but it financially accountable for all the activities that are related to public community college education in the county. The district is not included in any other governmental financial reporting entity. Evaluation of the Management Discussion Analysis (MDA) of the Maricopa County Community College District (MCCCD ; the District) Management s Discussion and Analysis introduces the financial statements of the entity under consideration and gives an overview in a particular financial year. This section comes after the independent report from the auditor. In this case I will look at the financial statements of Maricopa County Community College District (the District) for the financial year ended June 30, 2010. Introduction of the basic financial statements The financial statements of this District have been presented as per the pronouncements given by Governmental Accounting Standards Board (GASB), which is the body that has the authority to establish generally accepted accounting principles (GAAP). The Districts presentation format is a consolidated, single- column and entity-wide format. 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