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 endeavours!
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
