Federal Government Accounting and Reporting

Discuss at least three unique characteristics of the federal government that necessitate special
accounting and reporting practices, presenting at least one example for each transaction.
Choose at least three unique characteristics of the federal government that necessitate special
accounting and reporting practices.
Discuss these characteristics, presenting at least one example for each one.
Accurately identify and explain the type of audit performed, the audit opinion issued, and the auditor's
reasons for that opinion, on the most recent federal government financial statement.
Each year the federal government issues an “official” comprehensive financial report that covers all its
activities and is subject to audit.
Review the most recent Financial Report of the United States Government.
Explain the type of audit performed, the audit opinion issued, and the auditor’s reason for that opinion.
(Auditor’s opinion is last item on Table of Contents).
Identify all eight of the financial statements presented by the federal government and the relevance of
each one's contents to a financial statement user.
In reviewing the federal government’s financial statements, you will observe more basic financial
statements than were required by GASB for the local governments or by FASB for not-for-profits.
Identify each financial statement presented by the federal government and the relevance of the
statement’s content to a financial statement user.
Express an opinion on whether the selected financial statement met its objectives, correctly identifying
the objectives, justifying the opinion with three relative pieces of data from the Financial Report.
Congress enacted the Government Performance and Results Act of 1993, which requires federal agencies
to develop strategic plans, operational objectives, and measures of performance, reporting on the extent
to which the agency met its objectives.
Select one of the federal government reporting entities included in the Financial Report of the United
States Government, and express an opinion on whether it is meeting its objectives. Justify your opinion
with at least three pieces of data from the reporting entity’s Financial Report 
Accounting

 Federal Government Accounting and Reporting

Consider at least three distinct aspects in the government of the United States that require particular accounting and reporting practices by presenting at least one example for every transactions. Select at least three distinct aspects from the government of the United States which require particular accounting and reporting practices. Examine these traits, and then provide at least one example for each of them. Be able to identify and explain in detail the audit type performed and the audit opinion that was issued and the auditor’s the reasons behind this opinion are regarding the latest federal government’s financial statement. Each year , the federal government releases an “official” full financial report that includes all of its operations and accountable for audits. Examine the most recent Financial Report of the United States Government. Define the kind of audit that was conducted the audit report issued and the reason of the auditor for this opinion. (Auditor’s opinion is the last item on the Table of Contents). Recognize all of the eight financial statements released to the Federal government. Identify the significance of each every one of the information’s contents for an individual who is a user of financial statements. When you look over the financial statements of the federal government you’ll see the more fundamental financial declarations that are not more than were required under GASB for local governments and by FASB for non-profit organizations. Determine each financial statement issued to the Federal government, and the significance of each one the contents of a statement to the financial statement’s user. Give your opinion on the financial statement you chose was in line with its goals, accurately identifying the objectives and justifying their decision with three relevant pieces of information in the Financial Report. Congress passed legislation known as the Government Performance and Results Act of 1993, which makes it mandatory for federal agencies to meet their obligations to create strategies, operational goals to develop performance measures, strategic plans, and operational objectives in reporting on the performance in which the agency achieved its goals. Choose from the Federal government entities listed on the Financial Report of the United States Government, and provide an opinion about whether or not it is achieving its goals. Be sure to justify your opinions with at minimum three pieces of information from the entity’s Financial Report