Accounting

Accounting

Introduction

The paper discusses the concept of Wyoming 2010 comprehensive annual financial report to Wyoming 2011 comprehensive annual financial report in a holistic context. It attempts to highlight the notable comparison between Wyoming 2010 comprehensive annual financial reports to Wyoming 2011 comprehensive annual financial report and emphasizes on the concept of accounting.

Discussion

The Institute for Truth in Accounting (IFTA) rates Wyoming “Tardy” in filing the state's Comprehensive Annual Financial Report (CAFR) - The annual report of state and local governmental entities (Peters, 2009). IFTA rated 22 states timely, 22 states tardy, and 6 states as worst. IFTA does not consider Wyoming's CAFRs, and those of the other states, to be accurate representations of the state's financial condition because the Generally Accepted Accounting Principles (GAAP) basis does not include significant liabilities for the pension plans and for other post employment benefits, such as health care (Derber & Nader, 2000). Wyoming's CAFRs are prepared by the Wyoming State Auditor. Rita C. Meyer was elected in 2006 Wyoming State Auditor, a constitutional office elected for a four year term by the general electorate of Wyoming. The Auditor is the State's chief fiscal control officer. She maintains the central fiscal accounts, acts as the official custodian of accounting records, serves as the state payroll officer, and orders all payments into and out of the funds held in the state treasury. The City of Wyoming supports transparency in government. The basic definition from Wikipedia states 'Transparency, as used in the humanities and in a social context more generally, implies openness, communication, and accountability. It is a metaphorical extension of the meaning a 'transparent' object is one that can be seen through. Transparent procedures include open meetings, financial disclosure statements, freedom of information legislation, budgetary review, audits, etc. (Peters, 2009)'

President Obama describes the importance of transparency as follows 'Transparency ...