A carefully implementation of a comprehensive annual report offers an original or new alternative to the old written scripts or presentations used in political financial and accounting class. Using a group of people to work together facilitates sharing different information about course notion in real time as the progression of the term and results in a rich resource pool for exemplified use in present and future classes. The principal aim for any financial and accounting course provides students with chances and opportunities to implement the theory in practice (Hermann, 2011) . The report provides the public with their year's financial records following the governmental accounting standards board rules and guidelines.
I will cover the OHIO CAFR for the year ended 2017. The beautiful and state of Ohio is a state of the United States of America: the capital and largest city: Columbus. The state has a wide range of services offered to residents such as teaching, police, infrastructure, communication, and general administration. The CAFR highlights detailed information on funding the above services and various allocation of government funds to these services. The state displays accountability and honesty by distributing the CAFR openly with its citizens. Hence these create trust in the citizens towards their state, faith in that their tax collected or hard earned money are used in the appropriate entities, and then these amounts are put back in promoting the development of infrastructure and maintenance.
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The financial view of CAFR for the Ohio state highlights and analyzes the various components of information from financial reports in the state, which helps to understand the financial fettle of the state for the year ended 2017 and the budgetary for the next year . In this section independent auditor’s report, finance-accounting analysis, and management's objectives are included. One of the main purposes of the independent auditor is examining financial information as presented in the states' financial statement, he/she concludes the states' governmental activities, business activities, and other major funds presented in civil matters. Also, the auditor ensures that there is compliance with widely accepted accounting moral rules as of July 31, 2017. Financial analysis and managements' discussion includes an overview of statements from financial records (Modlin & Stewart, 2014) . It is information concerning the type of statement, which includes government financial statements, which they intend to provide an aggregated overview of net assets of the government.
Particularly in the variation in the net asset, this has a full overview revenue and cost from 2016 to 2017, with a 12.5 percent decline from the previous year. Charts including sources of income analyzed in this section are as follows: for the fiscal year 2016/2017 amounted to USD 222.3 million, the breakdown was as highlighted property owner's contribution 12 percent, property taxes 27 percent, income from property 8 percent, and investments 6 percent. Other taxes 2 percent, federal aid 8 percent, and lastly the most significant contributor to revenues was charges for entities 45 percent. Some governmental activities had increased net assets of USD 25.5 million which was generated by overall revenues of administrative operation of USD 156.6 million. Some of the visual aid to demonstrate the breakdown of governmental operation programs revenues and cost include the transfer of wastewater to solid waste, which cost USD 15,700.
The CAFR for the state of Ohio is exceptionally enticing, informative, and simple to read and understand. This state has earned the GFOA for the last six years. The financial and statistical sections include graphs and charts to explain deeply how funds for the state are spent. Public learners can grasp the accounted information component of the report.
References
Comprehensive Annual Financial Report - Ohio . (2017). Ohio.gov . Retrieved 26 September 2018, from = https://obm.ohio.gov/StateAccounting/financialreporting/doc/cafr/2017/cafr_2017.pdf
Hermann, K. R. (2011). Creating an Excellent Popular Financial Report. Government Finance Review , 27 (5), 41-44.
Modlin, S., & Stewart, L. M. (2014). Determining county government fiscal instability: Independent audit report findings and the prompting of state action. Journal of Public Budgeting, Accounting & Financial Management , 26 (3), 405-428.
