Wiley GAAP for Governments 2015 : Interpretation and Application of Generally Accepted Accounting Principles for State and Local Governments.

Cover -- Title Page -- Copyright -- Contents -- Preface -- About the Author -- Chapter 1 New Developments -- Introduction -- Recently Issued GASB Statements and Their Effective Dates -- Exposure Drafts -- Exposure Draft of Proposed Statement - Financial Reporting for Postemployment Benefit Plans Other Than Pensions -- Exposure Draft of Proposed Statement - Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions -- Effective Date -- Effective Date -- Exposure Draft of Proposed Statement - Fair Value Measurement and Application -- Fair Value Measurements -- Exposure Draft of a Proposed Statement - The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments -- Exposure Draft - Implementation Guide No. 20XX-1 -- Effective Date -- Preliminary Views -- Elements of Financial Statements - Recognition and Measurement Approaches -- Recognition of Elements of Financial Statements -- Measurement Approaches -- GASB Project Plan -- Summary -- Chapter 2 Foundations of Governmental Accounting -- Introduction -- Chapter Overview -- Entities Covered by Governmental Accounting Principles -- Distinguishing a Governmental Entity from a Not-for-Profit Organization -- Overview of the History of Governmental Accounting Standards Setting -- Objectives of Governmental Accounting and Financial Reporting -- GASB Concepts Statement 1 -- Objectives of Financial Reporting -- Communication Methods -- Elements of Financial Statements -- Hierarchy of Governmental Accounting Standards -- GAAP Hierarchy for Governments -- Codification of Certain FASB and AICPA Accounting and Financial Reporting Guidance -- Summary -- Chapter 3 Fund Accounting Fundamentals -- Introduction -- Definition of Fund and the Purpose of Fund Accounting -- Why Do Governments Use Fund Accounting? -- Fund Accounting Under the GASBS 34 Reporting Model.

How Is the Number of Funds to Be Established Determined? -- A Synopsis of the Various Types of Funds Used by Governments for Accounting and Financial Reporting -- Governmental Funds -- Proprietary (Business-Type) Funds -- Fiduciary Funds -- Major Funds -- A Definition of Basis of Accounting and Measurement Focus -- Basis of Accounting -- Recognition and Measurement of Certain Fund Liabilities and Expenditures -- Measurement Focus -- A Synopsis of Basis of Accounting and Measurement Focus Used by Each Type of Fund -- Summary -- Chapter 4 General Fund and Special Revenue Funds -- Introduction -- Basis of Accounting and Measurement Focus -- Nature and Use of the General Fund -- Nature and Use of Special Revenue Funds -- Accounting for Certain Revenue and Expenditures of General and Special Revenue Funds -- Special program considerations-food stamps -- Special program considerations-on-behalf payments for fringe benefits and salaries -- Special Considerations-Component Units -- Special Assessments -- Miscellaneous Revenues -- Expenditures -- Accounting for Assets, Liabilities, and Fund Balances of General and Special Revenue Funds -- Inventories and Prepaids -- Fund Balances -- Summary -- Chapter 5 Capital Projects Funds -- Introduction -- Basis of Accounting -- Measurement Focus -- When Are Capital Projects Funds Used? -- Revenues and Other Financing Sources -- Proceeds from Debt Issuance -- Bond Anticipation Notes -- Demand Bonds -- Special Assessment Debt -- Arbitrage Rebate Accounting -- Summary -- Chapter 6 Debt Service Funds -- Introduction -- Situations When a Debt Service Fund Is Required or Desirable -- Basis of Accounting and Measurement Focus -- Expenditure Recognition for Debt Service Payments -- Accounting for the Advance Refunding of Long-Term Debt -- Crossover Transaction and Refunding Bonds -- Summary -- Chapter 7 Proprietary Funds.

Introduction -- Basis of Accounting and Measurement Focus for Proprietary Funds -- Accounting Requirements under GASBS 62 -- Enterprise Funds -- Background and Uses -- Specific Accounting Issues -- Internal Service Funds -- Background and Uses -- Specific Accounting Issues -- Summary -- Chapter 8 Fiduciary Funds -- Introduction -- Agency Funds -- Pass-Through Grants -- Special Assessments -- Pension (and Other Employee Benefit) Trust Funds -- Deferred Compensation Plans -- Investment Trust Funds -- Private-Purpose Trust Funds -- Summary -- Chapter 9 Financial Statements Prepared by Governments -- Introduction -- Basic Financial Statements -- Management's Discussion and Analysis -- Government-Wide Financial Statements -- Statement of Net Position -- Statement of Activities -- Expense Presentation -- Revenue Presentation -- Fund Financial Statements -- Governmental Fund Balance Reporting under GASBS 54 -- Nonspendable Fund Balance -- Restricted Fund Balance -- Committed Fund Balance -- Assigned Fund Balance -- Unassigned Fund Balance -- Fund Balance Classifications -- Stabilization Agreements -- Fund Balance Display on the Balance Sheet -- Disclosures -- Budgetary Comparison Schedules -- Notes and Other Disclosures -- Loans -- Reimbursements -- Interfund Transactions-Fund Financial Statements -- Intra-Entity Transactions-Government-Wide Financial Statements -- Statement of Net Position -- Statement of Activities -- Intra-Entity Activity -- Reporting Deferred Inflows and Outflows of Resources -- Display Requirements -- Statement of Net Position -- Net Investment in Capital Assets Component of Net Position -- Restricted and Unrestricted Components of Net Position -- Financial Reporting for Governmental Funds -- Disclosures -- Effective Date and Transition -- Items Previously Reported as Assets and Liabilities -- Refundings of Debt.

Nonexchange Transactions -- Sales of Future Revenues and Intra-Entity Transfers of Future Revenues -- Debt Issuance Costs -- Leases -- Acquisition Costs Related to Insurance Activities -- Lending Activities -- Mortgage Banking Activities -- Regulated Operations -- Revenue Recognition in Governmental Funds -- Effective Date and Transition -- Comprehensive Annual Financial Report -- CAFR Requirements -- Narrative Explanations -- Transition -- Cash Flow Statement Preparation and Reporting -- When Is a Cash Flow Statement Required? -- Objectives of the Statement of Cash Flows -- Cash and Cash Equivalents Definitions -- Classification of Cash Receipts and Cash Disbursements -- Direct Method of Reporting Cash Flows from Operating Activities -- Format of the Statement of Cash Flows -- Summary -- Chapter 10 The Importance of Budgets to Governments -- Introduction -- Budget Background -- Executive Budget -- Appropriated Budget -- Nonappropriated Budget -- Budgetary Execution and Management -- Budget Amendments -- Budgetary Reporting -- Which Funds of the Government Adopt Budgets? -- General Fund -- Special Revenue Funds -- Capital Projects Funds -- Debt Service Funds -- Proprietary Funds -- Fiduciary Funds -- Differences between the Budget and GAAP -- Basis of Accounting Differences -- Timing Differences -- Perspective Differences -- Entity Differences -- Budgetary Control -- Summary -- Chapter 11 Definition of the Reporting Entity -- Introduction -- Background -- Accountability Focus -- Financial Reporting Entity Defined -- Primary Government -- GASB Statement No. 61 (GASBS 61), The Financial Reporting Entity-An Amendment of GASB Statements No. 14 and No. 34 -- Determining Whether Certain Fund-Raising Organizations Are Component Units-Amendment of GASB Statement No. 14 -- Reporting of Component Units.

Other Organizations That Are Included in the Reporting Entity -- GASB Technical Bulletin 2004-1 - Tobacco Settlement Recognition and Financial Reporting Entity Issues (GASBTB 2004-1) -- Display of Component Units -- Overview of Reporting Component Units -- Discrete Presentation of Component Units -- Blended Component Units -- Government Combinations and Disposals of Government Operations -- Identifying Government Combinations -- Types of Government Combinations -- Government Mergers -- Reporting Government Mergers in Governmental Fund Financial Statements -- Recognition and Measurement of Government Acquisitions -- Consideration -- Intra-Entity Government Acquisitions -- Reporting Government Acquisitions on a Provisional Basis -- Reporting Government Acquisitions in Governmental Fund Financial Statements -- Transfers of Operations -- Reporting Transfers of Operations in Governmental Fund Financial Statements -- Disposals of Government Operations -- Reporting Disposals of Government Operations in Governmental Fund Financial Statements -- Notes to the Financial Statements -- Effective Date -- Summary -- Chapter 12 Cash and Investments-Valuation and Disclosures -- Introduction -- Valuation of Investments -- GASB Statement 52 - Land and Other Real Estate Held as Investments by Endowments -- Specific Application of the Requirements of GASBS 31 -- Financial Reporting Requirements -- Internal Investment Pools -- Assignments of Interest -- Required Disclosures -- Accounting and Financial Reporting Standards for External Investment Pools and Individual Investment Accounts -- Individual Investment Accounts -- Deposits and Investment Risk Disclosures -- Level of Detail -- Deposit and Investment Policies -- Custodial Credit Risk -- Securities Lending Transaction Disclosures -- Concentration of Credit Risk -- Interest Rate Risk -- Foreign Currency Risk.

Nature of Securities Lending Transactions.

The essential reference for governmental GAAP application Wiley GAAP for Governments 2015 provides the latest information on GAAP, with coverage designed specifically for government entities. With a focus on the practical rather than the academic, this book provides insightful, up to date implementation information and explanations of the important developments in governmental GAAP that have occurred in the past year. Exclusive coverage includes school districts, public authorities, and individual pension plans financial statements, with a disclosure checklist that helps preparers ensure compliance. Visual aids help facilitate the reader's understanding of the material, providing a comprehensive guide to financial reporting for governments at the state and local level. This reliable guide is an industry favorite for its accessibility, completeness, and relevance, helping readers achieve and maintain compliance with minimal burden. Governmental accounting standards are continuously being released, growing in complexity with each iteration. Wiley GAAP for Governments is updated annually to provide the most up-to-date information available, with thorough explanations and expert implementation advice. Get up to speed on the newest accounting pronouncements Understand how GAAP applies to government bodies and pension plans Refer to disclosure checklists designed specifically for government entities Study flowcharts, diagrams, and charts to gain a deeper understanding This user-friendly guide is organized for easy navigation, and designed to help preparers quickly find, understand, and apply the information they need. Expert guidance through the increasing complexity of preparation and implementation of relevant changes is what makes Wiley GAAP for Governments 2015 the reference financial professionals keep on their desks rather than on their

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.