LA COUNTY FINANCIAL REPORT

LA County Financial Report.



LA County Financial Report

Part 1:

I submit the Comprehensive Annual Financial Report (CAFR), in harmony with Section 25253 of Government Code of California for the year ended June 30, 2009. This report was comprised of financial statements, and these financial statements were made keeping in view the generally accepted accounting principles (GAAP). This report was approved for the government entities and consisted of a broad overview of financial operations and financial position of the County. The main responsibility of the County in such reports is to maintain the correctness, totality and fairness of the presentation of information. The front section of this report is comprised of the independent Auditor's Report. This Auditor's report is analyzed by the Management's Discussion and Analysis (MD&A), and it gives a descriptive introduction, analysis and overview of these financial statements. This letter of transmittal is complemented by MD&A, and it is read in combination with it. This report consists of the main financial data for all County funds. These entities are taken as part of County, and this is done for the purpose of gathering the reporting entity. These entity requirements are arranged by the Governmental Accounting Standards Board: These entities are considered as the main units of the County and are comprised of County's basic financial statements. The main reason behind that is the financial accountability of County Board of Supervisors for it. These all units, except the First 5 LA, are mixed into the basic financial statements, which is unconnectedly presented. Additional information about the relationship between the County and entities is included in the Note 1 to the primary financial statements.

There are some other local government entities, working for giving their services to the County's residents. The county provides these services to more than eighty cities, one hundred school districts and various distinct districts.

As every single entity has its own conducting, therefore, the main functions of these entities are not a part of County's reporting entity. Therefore, it is responsible of answering to only its individually elected governing board.

Those important entities, not required to reach the criteria for enclosure in this report, target the areas like, Los Angeles Unified School District, City of Los Angeles, and Los Angeles County Sanitation Districts.

Also, this does not include the Los Angeles County Superior Court; this is because it has shifted its key responsibilities to the State in 1997-98. However, AB233 is still liable to make funding of these specific Court-related expenditures; therefore, the County collects these Court collections. That is why; Court-related financial transactions are included in the County's financial statements.

Question 2: Summary of Significant Accounting Policies

Government Accounting in the U. S

The organizational structure that has been described, including the creation of the Financial Accounting Foundation and the FASB, brings the evolutionary process of authoritative control of private sector accounting current. The new arrangement or protocol still did not settle the issue of authoritative control tbr either state and local governments or for the federal government, nor are ...