What does required supplementary information mean on the CPA exam?
Required supplementary information. Schedules a government must present outside the basic statements, such as budgetary comparisons and pension trend data. The auditor applies limited procedures to it and does not opine.
Defined against GASB 34.
Which CPA exam sections use required supplementary information?
Required supplementary information appears in the BAR section of the CPA exam.
Other terms defined against GASB 34
- capital assets: In GOVERNMENTAL reporting, long-lived assets such as land, buildings and infrastructure.
- enterprise fund: A proprietary fund used where a government charges outside users for goods or services, run on the full accrual basis like a business.
- full accrual: Recognizing revenue when earned and expense when incurred, and reporting every asset and liability including long-term ones.
- governmental activities: The part of a government's operations financed mainly by taxes rather than by fees, reported on the government-wide statements on the full accrual basis.
- governmental funds: The funds that account for tax-supported activity, reported on the modified accrual basis with a current financial resources focus.
- internal service fund: A proprietary fund that supplies goods or services to other parts of the same government on a cost-reimbursement basis, such as a motor pool.
- management's discussion and analysis: A narrative overview management provides ahead of the financial statements.
- modified accrual: The basis for governmental fund statements: revenue when measurable and available, expenditure when the liability is incurred.
Other names for required supplementary information
RSI
Related terms
- other information: Financial and non-financial information included in the annual report outside the audited statements.
- annual exclusion: The amount a donor may give each recipient each year with no gift tax and no return.
- level of assurance: How much confidence the practitioner expresses.
- General Data Protection Regulation: The European Union regulation governing processing of personal data.
- restricted fund balance: Fund balance constrained to a purpose by an external party, a constitutional provision, or enabling legislation.
- PCI DSS: The Payment Card Industry Data Security Standard: contractual rules that anyone storing, processing or transmitting card data must follow.