Transit Authority Financial Report - Special Academic Support

Do you need this or any other assignment done for you from scratch?

We assure you a quality paper that is 100% free from plagiarism and AI.

You can choose either format of your choice ( Apa, Mla, Havard, Chicago, or any other)

NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.

NB: All your data is kept safe from the public.

The formation of the transit authority to create and manage the City of Artichoke, WV transportation system was a significant step toward the citys sustainability and enhancement. The ongoing financial reporting should reveal the transit authoritys performance, achievements, and challenges for officials to take an appropriate intervention. The review of the financial report is an essential part of the citys government so that all parties and institutions can assess transit authority and officials decision feasibility and relevancy to the citys problems.

In this situation, the citys officials are highly recommended to base their review and financial analysis on the Governmental Accounting Standards Board (GASB) guidelines. Statements 39 and 80 have a specific interest for the officials, as they define the component units and recommend how to conduct and file financial reports, as a part of local or federal governments.

The Statement 39 indicates that component units can be other organizations for which the nature and significance of their relationship with a primary government are such that exclusion would cause the reporting entitys financial statements to be misleading or incomplete (Governmental Accounting Standards Board, Statement 39, 13). As a result, the transit authority in the transportation system has a substantial impact on the citys financial performance, sustainability, and development. Moreover, without this financial report, the citys officials will have incomplete information on the citys performance, budgeting, and challenges faced by the component unit.

The Statement 80 indicates that component units are obliged to file the financial review for depicting all financial statements and budgeting issues, which are faced. In this case, the ongoing report should highlight present, and potential users are the primary beneficiaries of improvements in financial reporting (Governmental Accounting Standards Board, Statement 80, 11) As a result, alongside standard financial statements, the transit authority should assess the value and impact of its decisions from multiple perspectives, like city officials, public, local business, other component units.

From this perspective, the ongoing financial report from the transit authority should depict not only budgetary issues or assets/liabilities accountability but also show social responsibility and value-added impact on the city. Under these circumstances, the city officials should review and analyze the report by indicating and matching transportation system achievements through numerous city stakeholders perspectives.

Works Cited

Governmental Accounting Standards Board. Statement No. 39 of the Governmental Accounting Standards Board. 206-A, Governmental Accounting Standards Series, 2002. Web.

Governmental Accounting Standards Board. Statement No. 80 of the Governmental Accounting Standards Board. 356, Governmental Accounting Standards Series, 2016. Web.

Click Here To Order Now!