3 FUND ACCOUNTING FUNDAMENTALS
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
Proprietary (Business-Type) Funds
Pension and other employee benefit trust funds
A Definition of Basis of Accounting and Measurement Focus
Modified accrual basis of accounting
Recognition and Measurement of Certain Fund Liabilities and Expenditures
A Synopsis of Basis of Accounting and Measurement Focus Used by Each Type of Fund
INTRODUCTION
To fully understand the accounting and financial reporting principles of state and local governments, financial statement preparers and auditors must be familiar with two key concepts: fund accounting and the basis of accounting and measurement focus used by funds. This chapter discusses the following information:
- A definition of fund and the purposes of fund accounting
- A synopsis of the various types of funds used by governments for accounting and financial reporting ...
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