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Assignment – Financial
Reporting Review of the Federal Government
Two centuries
Assignment – Financial
Reporting Review of the Federal Government
Two centuries after the publication
of the U.S. Constitution, it is still difficult for the federal government to
issue financial statements. In this assignment, you examine the U.S. federal
government’s financial statements to explore the differences in these
statements from other governmental financial statements and the reasons that
necessitate these differences.
Instructions (see below and also attached as a pdf file)
Write a 3–5-page paper in which you
address the following:
Discuss three unique characteristics of the federal
government that necessitate special accounting and reporting practices,
presenting one example for each characteristic.
After reviewing the most recent federal government
financial statement of the Financial Report of the United States Government
· Link
to Financial Report of the United States Goverment. – https://fiscal.treasury.gov/reports-statements/financial-report/current-report.html
(a pdf version is included in the attached files)
· Explain
the type of audit performed, the audit opinion issued, and the auditor’s reason
for that opinion.
· Identify each of the eight financial statements presented
by the federal government and the relevance of each statement’s content to a
financial statement user.
· Select one of the federal government’s 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.
· Use at least three quality sources to support your writing.
Choose sources that are credible, relevant, and appropriate. Cite each source
listed on your source page at least one time within your assignment.
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