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Financial statement/audit report review - Essay Example
Finance & Accounting
Pages 3 (753 words)
The Miami-Dade County Comprehensive Annual Financial Report review Name Institution The Miami-Dade County Comprehensive Annual Financial Report review General funds in the MIAMI-DADE County are those of the government. The MIAMI-DADE County employs a cash basis accounting method for the general funds analysis…
This is because it allows for real time recording of transactions and that means that it will be easy to keep a check of the financial data of the county (Stephen, 2012). The county uses the same cash basis accounting method for the proprietary and fiduciary funds. The proprietary funds consist of the enterprise and internal service funds. The enterprise funds account for external customers and contains government wide financial statements. The internal service funds report on the activities that provides funding to other services. The cash basis accounting methods fit the use in this case because heavy real-time processing is needed. However, the county handles a lot of transactions and there much data to be processed, therefore the accrual accounting method would have been appropriate for Enterprise accounting. The MIAMI-DADE County employs numerous application and total compliance to the GASB statement 34. The statement was designed so as to allow easy financial reporting and understanding to external parties. The MIAMI DADE County introduces the basic financial statement through the management and the discussion analysis which is in compliance with the statement (Parsons, Cambridge Systematics & National Cooperative Highway Research Program, 2008). ...
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