Using the State of Alaska FY23 ACFR (including the Notes) answer the following questions with sufficient detail and explanation. For example, if I ask:
Has the government prepared statements in compliance with the GASBS 34 financial reporting model? Explain.
A good answer would look something like this:
Yes, the State of Alaska’s FY21 ACFR is prepared in compliance with GASBS 34. The ACFR includes Introductory, Financial, and Statistical Sections. In addition, the ACFR includes a transmittal letter to Governor Michael Dunleavy (p. i), an Independent Auditor’s Report (pp. 3-7), and a Management’s Discussion and Analysis (pp. 9-18). The financial statements include both government-wide (pp. 21-24) and fund statements (pp. 27-49) that contain, when appropriate, reconciliation to the government-wide statements.
Please provide answers in complete sentences. Answers that include only Yes, No or just a dollar amount will not receive credit.
Independent Auditor’s Report
1. What organization audited the State’s financial statements?
2. Whom does the auditor indicate as being responsible for preparing the financial statements?
Government-Wide statements
1. What are the titles and statement numbers of the Government- wide financial statements?
2. Which Governmental activity has the highest net expense and how much is that net expense?
3. What component units are discretely presented within the Government-wide Statement of Activities?
Governmental Fund Statements and Notes to the Financial Statements
1. What title is given to the fund that functions as the General Fund of the reporting entity?
2. Reviewing the notes to the financial statement, describe how a reader would know the basis of accounting used for the General Fund?
3. List the names of governmental funds other than the General Fund that are included as major funds in the fund financial statements and identify as either a special revenue, debt service, capital project, or permanent fund.
Proprietary Funds and Notes to the Financial Statements
1. List the Proprietary fund types included in the financial statements.
2. Reviewing the notes to the financial statement, describe how a reader would know the basis of accounting used for Proprietary funds?
https://omb.alaska.gov/fiscal-year-2023-enacted-budget/