Officials for the City of Artichoke West Virginia have

recently
Officials for the City of Artichoke, West Virginia, have recently formed a transit authority to
create a public transportation system for the community. These same officials are now
preparing the city's CAFR for the most recent year. The transit authority has already lost a
considerable amount of money and the officials have become interested in its reporting and
whether it qualifies as a component unit of the city.Following are several articles written about
the reporting of component units by a state or local government:"Financial Reporting for
Affiliated Organizations," The Journal of Government Financial Management, Winter 2003."How
to Implement GASB Statement No. 34," The Journal of Accountancy, November
2001."Accounting for Affiliated Organizations," Government Finance Review, December
2002."Component Unit Reporting in the New Reporting Model," The CPA Journal, October
2001.RequiredRead one or more of the above articles and any others that you may discover
about component units. Write a memo to these city officials providing as much detailed
information about component units and their reporting as you can to help these individuals
understand the challenges and difficulties of this reporting.View Solution: Officials for the City of
Artichoke West Virginia have recently
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