Government Financial Statements

Government Financial Statements  – Go to the White House’s Website to read the article titled OMB Circular A-123€”Management’sResponsibility for Internal Control, dated December 21, 2004, located athttp://www.whitehouse.gov/omb/circulars_a123_rev. Be prepared to discuss.– Go to Accounting Today’s Website to read the article titled GAO Sees Problems in Government’sFinancial Management, dated December 27, 2010, located athttp://www.accountingtoday.com/news/GAO-Sees-Problems-Government-Financial-Management-56749-1.html. Beprepared to discuss. Don’t use plagiarized sources. Get Your Custom Essay on Government Financial Statements Just from $9/Page or 300 words Order Now €¢ From the first e-Activity, note that the GAO could not issue an opinion on the financial statementsof the US government. Evaluate how this could occur considering the requirements of OMB Circular A-123.€¢ What steps would you take to alleviate the internal control problems? Differentiate between therequirements for internal controls in government agencies and those in public companies.DISCUSSION 2: Expenditures Please respond to the following:Under pressure to balance their budgets, governments at all levels have resorted to fiscal gimmicks, such asdelaying the wages and salary of government employees from the last day of the month to the first day of thefollowing month. In the year of the change, they thereby had one fewer period to pay.€¢ Determine how such a change would affect the reported expenditures of a governmental fund underGAAP. Provide specific examples to support your response.€¢ Evaluate the impact of GASB Interpretation No.6, Recognition and Measurement of Certain Liabilitiesand Expenditures in Governmental Fund Financial Statements on the accrual and payment of the salaries.Discussion 3: Government Bankruptcy Please respond to the following:– Go to the US News Website to read the article titled Alabama County Bankruptcy No NationalBellwether, dated November 10, 2011, located athttp://www.usnews.com/news/articles/2011/11/10/alabama-county-bankruptcy-no-national-bellwether. Be preparedto discuss.– Go to the GASB Website to read Summary of Statement No. 58 Accounting and Financial Reporting forChapter 9 Bankruptcies, dated December, 2009, located at http://www.gasb.org/st/summary/gstsm58.html. Beprepared to discuss.€¢ From the first two e-Activities, analyze the impact GASB Statement No. 58, Accounting and FinancialReporting for Chapter 9 Bankruptcies, will have on the government-wide financial statement of thesegovernments.€¢ Assess whether or not a government should file bankruptcy or raise revenue through aIDitional taxesand fees to pay liabilities. Explain your rationale.Discussion 4: Proprietary and Internal Service Funds Please respond to the following:– Go to the CPA Journal Website to read GASB Statement No. 34: THE DAWN of a New GovernmentalFinancial Reporting, located at: http://www.nysscpa.org/cpajournal/1999/1299/f141299a.html. Be prepared todiscuss.€¢ From the e-Activity, speculate as to why GASB Statement No. 34 changed the reporting requirementsfor internal service funds. Do you agree or disagree? Explain.€¢ Compare and contrast proprietary fund reporting under GASB No.34 with GAAP financial reporting fornon-governmental entities. Examine why GASB requires the direct method for cash flow statements in theproprietary funds instead of allowing the direct or indirect method.Discussion 5: Fraud in Nonprofits Please respond to the following:– Go to the Bloomberg Website to read the article titled JPMorgan Chase Sued by Ellis Institute overMoney Transfers by President,’ dated August 9, 2011, located attml. Be prepared to discuss.€¢ From the e-Activity, analyze the steps you would you take to prevent a similar fraud or embezzlementin a nonprofit as a member of the board of directors or as the independent auditor.€¢ Also from the e-Activity, assess the responsibilities of the board of directors for the fraud andwhether or not they or the independent auditor should be liable as well as J.P. Morgan Chase. Explain yourrationale.Discussion 6: Health Care Revenue Recognition Please respond to the following:– Go to Journal of Accountancy Website to read the article titled Presentation of Patient ServiceRevenue Changed for Health Care Entities, dated August 12, 2011, located athttp://www.journalofaccountancy.com/Web/20114405. Be prepared to discuss.– Go to the FASB Website to read the article titled Presentation and Disclosure of Patient ServiceRevenue, Provision for Bad Debts, and the Allowance for Doubtful Accounts for Certain Health Care Entities aconsensus of the FASB Emerging Issues Task Force, dated July, 2011, located athttp://www.fasb.org/cs/BlobServer?blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1175822797036&blobheader=application/pdf. Be prepared to discuss.€¢ From the two e-Activities, differentiate between the accounting provisions for revenue recognitionfor patient revenue and bad debts for financial statements prior to December 31, 2011 and the provisionseffective for financial statements filed after December 31, 2011.€¢ Evaluate the potential impact of these changes on the transparency of health care financialstatements and whether or not the same information is truly represented. Explain your rationale.DISCUSSION 7: Apple, Inc Please respond to the following:€¢ Explain whether the accounting requirements per the FASB was an improvement over the ASC 985-605requirement and state your rationale.€¢ Explain how you would have advised Apple to adopt the new requirements, prospectively orretrospectively.€¢ Discuss whether or not Apple fairly presented this information in their financial statement andfootnote disclosures, and state your rationale.Discussion 8: Federal Bureau of Investigation, 2009 Crime Report Please respond to the following:– View the 2009 Financial Crimes Report compiled by the Federal Bureau of Investigation here.€¢ Discuss how the economic crisis of 2008 impacted the findings in the 2009 Crime Report. Given thesignificant increase in mortgage fraud, discuss ways this can be deterred in the future.€¢ What financial areas do you will think will emerge with significant activity on future CrimeReports? Why?Discussion 9: Beazer Homes, U.S.A. Please respond to the following:€¢ Explain which is more serious €“ the allegations against Beazer Homes for possible mortgage fraud orthe allegations against Mr. Rand for possible accounting fraud. Support your rationale.Discussion 10: General Growth Properties Please respond to the following:€¢ Many analysts expected GGP equity holders to lose most or all of their financial interests in GGP.The joint bankruptcy filing of GGP and most of its SPEs has apparently allowed GGP to successfullyreorganize much of its debt and repay all of its obligations, while retaining substantial value for itsequity holders.€¢ Explain whether you agree or disagree with the court’s decision to allow GGP’s SPEs to enterbankruptcy protection.€¢ Discuss the implications of the GGP bankruptcy for the securitization markets.  .awasam-promo { background-color: #9ED5EA; color: white; text-align: center; padding: 10px;}.button { background-color: #4CAF50; border: none; color: white; padding: 10px 20px; text-align: center; text-decoration: none; display: inline-block; font-size: 16px; margin: 4px 2px; cursor: pointer; border-radius: 10px;}.awasam-alert { color: red;} Looking for a similar assignment? 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