Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng

Exercise 24

Reporting under GASB Statement No. 34. Go to the Web site featuring the financial statements of Minneapolis, Minnesota, at http://www.ci.minneapolis. mn.us/financial-reports/cafr-home.asp. Provide brief answers to the following:
1. The financial section includes the basic financial statements, notes to the financial statements, required supplementary information, and supplementary information. Describe key features of each of these components of the financial statements. What key information do you see that was not included in the text? Compare the Minneapolis statements with those of the city ofMilwaukee.
2. Compare the information found in the letter of transmittal (in the introductory section) with that found in the newly requiredmanagement's discussion and analysis (in the financial section).
3. Where do you find budgetary comparison information?
4. List the major governmental funds. How does Minneapolis determine major funds? List the nonmajor governmental funds.
5. How isMinneapolis handling the requirements for reporting and depreciating infrastructure assets?