The annual comprehensive financial report (ACFR) that I have chosen
the county where I am currently living, Volusia County, FL, the most
recent report is from last year with a date of September 30, 2021.
The first that I noted about the report was its length at 392 pages,
which was more than three times the length of the 10-K report of
Verizon which was submitted early this year to the SEC (Securities
and Exchange Commission), which was only 120 pages. While there
is a plethora of information in the ACFR for the reader of the report
along with information in the report to help those unfamiliar with
financial reports to be able to understand them. One of the first
things I noticed was after the length of the report itself was the
manager’s analysis and discussion report was also longer that it was
in the Verizon report 45 pages for the ACFR to 26 pages in Verizon’s
10-K report. The ACFR for Volusia County has four sections
introduction section, financial section, statistical section, and a
compliance section. The compliance contained four different reports
by the independent auditor and management response to the
auditors’ findings, which is a section in the ACFR that does not have
a direct correspondence with the corporate report which only has
one report by the independent auditor. The differences in the reports
are understandable as the reports are written with different
audiences in mind, as the corporate 10-K report is written for
Verizon’s stakeholders, mainly Verizon’s investors and creditors,
whereas the county ACFR is written to show the citizens of the
county that the county’s governmental managers have used the
funds given them in the form of fees and taxes and spent that money
wisely to ensure the quality of life that its citizens expect.
I hope everyone did well in this class and I wish everyone good luck
on all your future endeavors!
John
References
Volusia. (2021, September 30). Annual Comprehensive Financial
Report. Retrieved on August 16, 2022,
from https://www.volusia.org/core/fileparse.php/5995/urlt/ACFR-
2021-FINAL.pdf
