I have a project for my Governmental and Not-for-profit accounting class. I need

Question

I have a project for my Governmental and Not-for-profit accounting class. I need help with one of the questions relating to the Washington D.C. (Comprehensive Annual Financial Report).

Q: Review the reconciliation between the governmental fund balances and the governmental-type activities net assets. This might be on the governmental fund balance sheet and statement of revenue etc., or in a separate schedule in the basic financial statements. (Max. 1 page) a. List two major differences for each statement and the direction of the adjustment. Be sure to clearly identify whether the adjustments are being made to governmental fund balance to arrive at governmental type net assets or vice-versa.

Link https://cfo.dc.gov/node/1216356

Thank you so much!

Explanation / Answer

The Reconciliation

      The final component of the balance sheet is a reconciliation—a crosswalk between total fund balance and total governmental activities net assets in the government-wide statement of net assets. The reconciliation may appear on the face of the balance sheet. The balance sheet reconciliation may also be accompanied by a note disclosure that presents the reconciling items in greater detail. The reconciling items are generally of two kinds—those that explain differences in the scope of activities covered (for example, governmental activities may include internal service funds, in addition to the governmental funds) and those that explain differences in the accounting bases (for instance, the presence of capital assets and long-term liabilities in the government-wide statements, but their absence in the governmental funds).

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