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

Name: Wiley GAAP for Governments 2015: Interpretation and Application of Generally Accepted Accounting Principles for State and Local Governments
Author: Warren Ruppel
ISBN: 9781118979907

by Warren Ruppel

January 2015

Intermediate to advanced

696 pages

23h 46m

English

Wiley

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Cover Page
Title Page
Copyright
CONTENTS
PREFACE
ABOUT THE AUTHOR
CHAPTER 1: NEW DEVELOPMENTS
INTRODUCTIONRECENTLY ISSUED GASB STATEMENTS AND THEIR EFFECTIVE DATESEXPOSURE DRAFTSPRELIMINARY VIEWSGASB PROJECT PLANSUMMARY
CHAPTER 2: FOUNDATIONS OF GOVERNMENTAL ACCOUNTING
INTRODUCTIONCHAPTER OVERVIEWENTITIES COVERED BY GOVERNMENTAL ACCOUNTING PRINCIPLESOVERVIEW OF THE HISTORY OF GOVERNMENTAL ACCOUNTING STANDARDS SETTINGOBJECTIVES OF GOVERNMENTAL ACCOUNTING AND FINANCIAL REPORTINGOBJECTIVES OF FINANCIAL REPORTINGCOMMUNICATION METHODSELEMENTS OF FINANCIAL STATEMENTSHIERARCHY OF GOVERNMENTAL ACCOUNTING STANDARDSCODIFICATION OF CERTAIN FASB AND AICPA ACCOUNTING AND FINANCIAL REPORTING GUIDANCESUMMARY
CHAPTER 3: FUND ACCOUNTING FUNDAMENTALS
INTRODUCTIONDEFINITION OF FUND AND THE PURPOSE OF FUND ACCOUNTINGA SYNOPSIS OF THE VARIOUS TYPES OF FUNDS USED BY GOVERNMENTS FOR ACCOUNTING AND FINANCIAL REPORTINGA DEFINITION OF BASIS OF ACCOUNTING AND MEASUREMENT FOCUSRECOGNITION AND MEASUREMENT OF CERTAIN FUND LIABILITIES AND EXPENDITURESA SYNOPSIS OF BASIS OF ACCOUNTING AND MEASUREMENT FOCUS USED BY EACH TYPE OF FUNDSUMMARY
CHAPTER 4: GENERAL FUND AND SPECIAL REVENUE FUNDS
INTRODUCTIONBASIS OF ACCOUNTING AND MEASUREMENT FOCUSNATURE AND USE OF THE GENERAL FUNDNATURE AND USE OF SPECIAL REVENUE FUNDSACCOUNTING FOR CERTAIN REVENUE AND EXPENDITURES OF GENERAL AND SPECIAL REVENUE FUNDSACCOUNTING FOR ASSETS, LIABILITIES, AND FUND BALANCES OF GENERAL AND SPECIAL REVENUE FUNDSSUMMARY

CHAPTER 5: CAPITAL PROJECTS FUNDS
INTRODUCTIONBASIS OF ACCOUNTINGMEASUREMENT FOCUSWHEN ARE CAPITAL PROJECTS FUNDS USED?REVENUES AND OTHER FINANCING SOURCESSUMMARY
CHAPTER 6: DEBT SERVICE FUNDS
INTRODUCTIONSITUATIONS WHEN A DEBT SERVICE FUND IS REQUIRED OR DESIRABLEBASIS OF ACCOUNTING AND MEASUREMENT FOCUSEXPENDITURE RECOGNITION FOR DEBT SERVICE PAYMENTSACCOUNTING FOR THE ADVANCE REFUNDING OF LONG-TERM DEBTSUMMARY
CHAPTER 7: PROPRIETARY FUNDS
INTRODUCTIONBASIS OF ACCOUNTING AND MEASUREMENT FOCUS FOR PROPRIETARY FUNDSENTERPRISE FUNDSINTERNAL SERVICE FUNDSSUMMARY
CHAPTER 8: FIDUCIARY FUNDS
INTRODUCTIONAGENCY FUNDSPENSION (AND OTHER EMPLOYEE BENEFIT) TRUST FUNDSINVESTMENT TRUST FUNDSPRIVATE-PURPOSE TRUST FUNDSSUMMARY
CHAPTER 9: FINANCIAL STATEMENTS PREPARED BY GOVERNMENTS
INTRODUCTIONBASIC FINANCIAL STATEMENTSINTERFUND TRANSACTIONS—FUND FINANCIAL STATEMENTSINTRA-ENTITY TRANSACTIONS—GOVERNMENT-WIDE FINANCIAL STATEMENTSREPORTING DEFERRED INFLOWS AND OUTFLOWS OF RESOURCESCOMPREHENSIVE ANNUAL FINANCIAL REPORTCASH FLOW STATEMENT PREPARATION AND REPORTINGSUMMARY
CHAPTER 10: THE IMPORTANCE OF BUDGETS TO GOVERNMENTS
INTRODUCTIONBUDGET BACKGROUNDWHICH FUNDS OF THE GOVERNMENT ADOPT BUDGETS?DIFFERENCES BETWEEN THE BUDGET AND GAAPBUDGETARY CONTROLSUMMARY
CHAPTER 11: DEFINITION OF THE REPORTING ENTITY
INTRODUCTIONBACKGROUNDACCOUNTABILITY FOCUSFINANCIAL REPORTING ENTITY DEFINEDGASB STATEMENT NO. 61 (GASBS 61), THE FINANCIAL REPORTING ENTITY—AN AMENDMENT OF GASB STATEMENTS NO. 14 AND NO. 34DETERMINING WHETHER CERTAIN FUND-RAISING ORGANIZATIONS ARE COMPONENT UNITS— AMENDMENT OF GASB STATEMENT No. 14GASB TECHNICAL BULLETIN 2004-1 – TOBACCO SETTLEMENT RECOGNITION AND FINANCIAL REPORTING ENTITY ISSUES (GASBTB 2004–1)DISPLAY OF COMPONENT UNITSGOVERNMENT COMBINATIONS AND DISPOSALS OF GOVERNMENT OPERATIONSSUMMARY
CHAPTER 12: CASH AND INVESTMENTS—VALUATION AND DISCLOSURES
INTRODUCTIONVALUATION OF INVESTMENTSGASB STATEMENT 52 – LAND AND OTHER REAL ESTATE HELD AS INVESTMENTS BY ENDOWMENTSFINANCIAL REPORTING REQUIREMENTSREQUIRED DISCLOSURESDEPOSITS AND INVESTMENT RISK DISCLOSURESNATURE OF SECURITIES LENDING TRANSACTIONSPREVIOUS ACCOUNTING TREATMENTGASBS 28'S EFFECT ON THE BALANCE SHEETGASBS 28'S EFFECT ON THE OPERATING STATEMENTPOOLED SECURITIESDISCLOSURE REQUIREMENTSSUMMARY
CHAPTER 13: DERIVATIVE INSTRUMENTS
INTRODUCTIONSUMMARY
CHAPTER 14: CAPITAL ASSETS
INTRODUCTIONVALUATION OF ASSETS RECORDEDDEPRECIATION OF CAPITAL ASSETSDISCLOSURES RELATING TO CAPITAL ASSETSSERVICE CONCESSION ARRANGEMENTSCAPITALIZATION OF INTERESTSUMMARY
CHAPTER 15: DEBT AND OTHER OBLIGATIONS
OVERVIEW OF THE ACCOUNTING FOR DEBT AND OTHER OBLIGATIONSDEMAND BONDSADVANCE REFUNDINGSBOND, REVENUE, AND TAX ANTICIPATION NOTESSPECIAL ASSESSMENT DEBTPOLLUTION REMEDIATION OBLIGATIONSACCOUNTING FOR CONTINGENCIESGASB STATEMENT NO. 70 – ACCOUNTING AND FINANCIAL REPORTING FOR NONEXCHANGE FINANCIAL GUARANTEE TRANSACTIONS (GASBS 70)GASB STATEMENT NO. 58 – ACCOUNTING AND FINANCIAL REPORTING FOR CHAPTER 9 BANKRUPTCIES (GASBS 58)SALES AND PLEDGES OF RECEIVABLES AND FUTURE REVENUESSTATEMENT OF GOVERNMENTAL ACCOUNTING STANDARDS NO. 47 – ACCOUNTING FOR TERMINATION BENEFITS (GASBS 47)SUMMARY
CHAPTER 16: LANDFILL CLOSURE AND POSTCLOSURE CARE COSTS
INTRODUCTIONAPPLICABILITYMUNICIPAL SOLID WASTE LANDFILLSRESPONSIBILITY FOR LANDFILL CLOSURE AND POSTCLOSURE CARE ASSUMED BY ANOTHER ENTITYDISCLOSURESSUMMARY
CHAPTER 17: POSTEMPLOYMENT BENEFITS—PENSION AND OTHER
INTRODUCTIONSCOPE AND APPLICABILITYREQUIREMENTS FOR DEFINED BENEFIT PENSION AND OPEB PLANSCALCULATION OF THE ARCPARAMETERS FOR ACTUARIAL CALCULATIONS, INCLUDING THE ARCNET PENSION OBLIGATIONNET OPEB OBLIGATIONRECORDING PENSION-RELATED ASSETS, LIABILITIES, AND EXPENDITURES/EXPENSESRECOGNITION OF OPEB EXPENSES/EXPENDITURES, LIABILITIES AND ASSETSADDITIONAL GUIDANCE ON EXPENDITURE/EXPENSE RECOGNITIONGASB TECHNICAL BULLETIN 2006-1 – ACCOUNTING AND FINANCIAL REPORTING BY EMPLOYERS AND OPEB PLANS FOR PAYMENTS FROM THE FEDERAL GOVERNMENT PURSUANT TO THE RETIREE DRUG SUBSIDY PROVISIONS OF MEDICARE PART D (GASBTB 2006-1)GASB TECHNICAL BULlETIN 2008-1 – DETERMINING THE ANNUAL REQUIRED CONTRIBUTION ADJUSTMENT FOR POSTEMPLOYMENT BENEFITS (GASBTB 2008-1)EMPLOYER PENSION AND OPEB DISCLOSURESEMPLOYERS WITH DEFINED CONTRIBUTION PLANSOTHER PROVISIONSSUMMARY
CHAPTER 18: COMPENSATED ABSENCES
INTRODUCTIONSCOPE OF GASBS 16BASIC PRINCIPLEFINANCIAL REPORTING CONSIDERATIONSSUMMARY
CHAPTER 19: ACCOUNTING FOR LEASES
INTRODUCTIONACCOUNTING BASISOTHER LEASING ISSUES FOR GOVERNMENTAL ENTITIESSUMMARY
CHAPTER 20: NONEXCHANGE TRANSACTIONS
CHAPTER 21: RISK FINANCING AND INSURANCE-RELATED ACTIVITIES/PUBLIC ENTITY RISK POOLS
INTRODUCTIONRISK FINANCING AND INSURANCE ACTIVITIES OF STATE AND LOCAL GOVERNMENTS (OTHER THAN PUBLIC ENTITY RISK POOLS)ACCOUNTING AND FINANCIAL REPORTING FOR PUBLIC ENTITY RISK POOLSSUMMARY
CHAPTER 22: PENSION AND OPEB PLAN FINANCIAL STATEMENTS
INTRODUCTIONPENSION PLAN ACCOUNTING AND FINANCIAL REPORTINGDEFINED BENEFIT PENSION PLANSGASB STATEMENT NO. 50, PENSION DISCLOSURES—AN AMENDMENT OF GASB STATEMENTS NO. 25 AND 27DEFINED CONTRIBUTION PENSION PLANSPOSTEMPLOYMENT BENEFIT PLANS OTHER THAN PENSIONSGASB 67 REQUIREMENTS FOR PENSION PLAN ACCOUNTING AND FINANCIAL REPORTINGSUMMARY
CHAPTER 23: EDUCATIONAL AND OTHER GOVERNMENTAL ENTITIES
INTRODUCTIONSCHOOL DISTRICTSGOVERNMENTAL COLLEGES AND UNIVERSITIESGOVERNMENTAL HOSPITALS AND OTHER HEALTH-CARE PROVIDERSGOVERNMENTAL NOT-FOR-PROFIT ORGANIZATIONSOTHER PUBLIC BENEFIT CORPORATIONSSUMMARY
APPENDIX: DISCLOSURE CHECKLIST
INDEX

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

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

INTRODUCTION

Governments often issue long-term debt to finance various governmental projects. Generally, this long-term debt is repaid from a governmental fund called a debt service fund. In some cases, although not legally required, a government may choose to establish a debt service fund to account for the accumulation of resources that will be used for debt service.

This chapter discusses the following topics in relation to the establishment and use of debt service funds:

Situations in which 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.

In addition to the above topics, useful information relative to a government's issuance and repayment of long-term debt is provided in Chapters 8 and 11.

SITUATIONS WHEN A DEBT SERVICE FUND IS REQUIRED OR DESIRABLE

GASB Statement No. 54 (GASBS 54) Fund Balance Reporting and Governmental Fund Type Definitions describes the purpose of a debt service fund as to account for and report financial resources that are restricted, committed, or assigned to expenditure for principal or interest. GASBS 54 provides that debt ...

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Wiley GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles 2015

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