Book description
The authoritative guide to governmental GAAP compliance, fully updated for 2019
Wiley GAAP for Governments 2019 is the definitive resource for accurate information on the latest pronouncements and guidelines applicable to state and local governments and entities. Designed as a practical application guide for professional users, this comprehensive resource provides expert coverage of all significant developments to governmental accounting principles over the previous year. Focusing on practical application, this essential guide provides detailed information on all relevant areas of GAAP including general and special revenue funds, capital project funds and debt service funds, derivative instruments, and many more. This book incorporates all of the pronouncements issued by the Governmental Accounting Standards Board (GASB) as well as proposed new statements or interpretations currently outstanding and relevant information on the GASB agenda for the upcoming year.
Governmental accounting standards are continuously evolving, and practitioners must stay up to date with the latest changes if compliance is to be maintained. This invaluable guide offers in-depth guidance on GAAP standards, interpretation, applications, and procedures to help you:
- Keep pace with the latest accounting pronouncements
- Ensure compliance with all GAAP-required disclosure guidelines
- Understand how GAAP applies to school districts, public institutions, and individual pension plans
- Strengthen understanding of material with flowcharts, diagrams, and charts
This efficiently organized guide enables users to locate, understand, and apply relevant information with ease. Wiley GAAP for Governments 2019 provides financial reporters with expert guidance and up-to-date information required to ensure compliance and lighten the workload. Highly regarded for its efficient and accurate coverage of material, this book is the definitive reference for financial professionals.
Table of contents
- Cover
- PREFACE
- ABOUT THE AUTHOR
- 1 NEW DEVELOPMENTS
-
2 FOUNDATIONS OF GOVERNMENTAL ACCOUNTING
- INTRODUCTION
- CHAPTER OVERVIEW
- ENTITIES COVERED BY GOVERNMENTAL ACCOUNTING PRINCIPLES
- OVERVIEW OF THE HISTORY OF GOVERNMENTAL ACCOUNTING STANDARDS SETTING
- OBJECTIVES OF GOVERNMENTAL ACCOUNTING AND FINANCIAL REPORTING
- OBJECTIVES OF FINANCIAL REPORTING
- COMMUNICATION METHODS
- ELEMENTS OF FINANCIAL STATEMENTS
- HIERARCHY OF GOVERNMENTAL ACCOUNTING STANDARDS
- CODIFICATION OF CERTAIN FASB AND AICPA ACCOUNTING AND FINANCIAL REPORTING GUIDANCE
- SUMMARY
-
3 FUND ACCOUNTING FUNDAMENTALS
- INTRODUCTION
- DEFINITION OF FUND AND THE PURPOSE OF FUND ACCOUNTING
- A SYNOPSIS OF THE VARIOUS TYPES OF FUNDS USED BY GOVERNMENTS FOR ACCOUNTING AND FINANCIAL REPORTING
- A DEFINITION OF BASIS OF ACCOUNTING AND MEASUREMENT FOCUS
- RECOGNITION AND MEASUREMENT OF CERTAIN FUND LIABILITIES AND EXPENDITURES
- A SYNOPSIS OF BASIS OF ACCOUNTING AND MEASUREMENT FOCUS USED BY EACH TYPE OF FUND
- SUMMARY
-
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
- ACCOUNTING FOR ASSETS, LIABILITIES, AND FUND BALANCES OF GENERAL AND SPECIAL REVENUE FUNDS
- SUMMARY
- 5 CAPITAL PROJECTS FUNDS
- 6 DEBT SERVICE FUNDS
- 7 PROPRIETARY FUNDS
- 8 FIDUCIARY FUNDS
- 9 FINANCIAL STATEMENTS PREPARED BY GOVERNMENTS
- 10 THE IMPORTANCE OF BUDGETS TO GOVERNMENTS
-
11 DEFINITION OF THE REPORTING ENTITY
- INTRODUCTION
- BACKGROUND
- ACCOUNTABILITY FOCUS
- FINANCIAL REPORTING ENTITY DEFINED
- GASB STATEMENT NO. 61 (GASBS 61), THE FINANCIAL REPORTING ENTITY—AN AMENDMENT OF GASB STATEMENTS NO. 14 AND NO. 34
- DETERMINING WHETHER CERTAIN FUNDRAISING ORGANIZATIONS ARE COMPONENT UNITS—AMENDMENT OF GASB STATEMENT NO. 14
- GASB STATEMENT NO. 90 (GASBS 90), MAJORITY EQUITY INTERESTS—AN AMENDMENT OF GASB STATEMENTS NO. 14 AND NO. 61
- GASB TECHNICAL BULLETIN 2004‐1 (GASBTB 2004‐1), TOBACCO SETTLEMENT RECOGNITION AND FINANCIAL REPORTING ENTITY ISSUES
- DISPLAY OF COMPONENT UNITS
- GOVERNMENT COMBINATIONS AND DISPOSALS OF GOVERNMENT OPERATIONS
- SUMMARY
-
12 CASH AND INVESTMENTS—VALUATION AND DISCLOSURES
- INTRODUCTION
- VALUATION OF INVESTMENTS
- GASB STATEMENT NO. 52—LAND AND OTHER REAL ESTATE HELD AS INVESTMENTS BY ENDOWMENTS
- FINANCIAL REPORTING REQUIREMENTS
- REQUIRED DISCLOSURES
- DEPOSITS AND INVESTMENT RISK DISCLOSURES
- NEW FAIR VALUE MEASUREMENT AND APPLICATION STANDARD
- VALUATION TECHNIQUES AND APPROACHES
- IDENTIFYING TRANSACTIONS THAT ARE NOT ORDERLY
- USING QUOTED PRICES PROVIDED BY THIRD PARTIES
- NATURE OF SECURITIES LENDING TRANSACTIONS
- PREVIOUS ACCOUNTING TREATMENT
- GASBS 28’S EFFECT ON THE BALANCE SHEET
- GASBS 28’S EFFECT ON THE OPERATING STATEMENT
- POOLED SECURITIES
- DISCLOSURE REQUIREMENTS
- SUMMARY
- 13 DERIVATIVE INSTRUMENTS
-
14 CAPITAL ASSETS
- INTRODUCTION
- VALUATION OF ASSETS RECORDED
- DEPRECIATION OF CAPITAL ASSETS
- DISCLOSURES RELATING TO CAPITAL ASSETS
- SERVICE CONCESSION ARRANGEMENTS
- CAPITALIZATION OF INTEREST
- RECOGNITION
- INITIAL MEASUREMENT
- SUBSEQUENT MEASUREMENT AND RECOGNITION
- RECOGNITION AND MEASUREMENT IN FINANCIAL STATEMENTS PREPARED USING THE CURRENT FINANCIAL RESOURCES
- SUMMARY
-
15 DEBT AND OTHER OBLIGATIONS
- OVERVIEW OF THE ACCOUNTING FOR DEBT AND OTHER OBLIGATIONS
- DEBT DISCLOSURES UNDER GASB 88
- DEMAND BONDS
- ADVANCE REFUNDINGS
- BOND, REVENUE, AND TAX ANTICIPATION NOTES
- SPECIAL ASSESSMENT DEBT
- POLLUTION REMEDIATION OBLIGATIONS
- ACCOUNTING FOR CONTINGENCIES
- GASB 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 REVENUES
- GASB STATEMENT NO. 47—ACCOUNTING FOR TERMINATION BENEFITS (GASBS 47)
- SUMMARY
- 16 LANDFILL CLOSURE AND POSTCLOSURE CARE COSTS
-
17 POSTEMPLOYMENT BENEFITS—PENSION AND OTHER
- INTRODUCTION
- SCOPE AND APPLICABILITY
- COST‐SHARING EMPLOYERS
- ALTERNATIVE MEASUREMENT METHOD FOR OPEB LIABILITIES
- DEFINED CONTRIBUTION PENSION AND OPEB PLANS
- GASB STATEMENT NO. 71, PENSION TRANSITION FOR CONTRIBUTIONS MADE SUBSEQUENT TO THE MEASUREMENT DATE—AN AMENDMENT OF GASB STATEMENT NO. 68 (GASBS 71)
- GASB STATEMENT NO. 73, ACCOUNTING AND FINANCIAL REPORTING FOR PENSIONS AND RELATED ASSETS THAT ARE NOT WITHIN THE SCOPE OF GASB STATEMENT 68, AND AMENDMENTS TO CERTAIN PROVISIONS OF GASB STATEMENTS NO. 67 AND NO. 68 (GASBS 73)
- GASB STATEMENT NO. 82, PENSION ISSUES—AN AMENDMENT OF GASB STATEMENTS NO. 67, NO. 68, AND NO. 73 (GASBS 82)
- GASB STATEMENT NO. 75, ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (GASBS 75)
- GASB STATEMENT NO. 85, OMNIBUS 2017 (GASBS 85)
- SUMMARY
- 18 COMPENSATED ABSENCES
- 19 ACCOUNTING FOR LEASES
- 20 NONEXCHANGE TRANSACTIONS
- 21 RISK FINANCING AND INSURANCE‐RELATED ACTIVITIES/PUBLIC ENTITY RISK POOLS
- 22 PENSION AND OPEB PLAN FINANCIAL STATEMENTS
- 23 EDUCATIONAL AND OTHER GOVERNMENTAL ENTITIES
- APPENDIX: DISCLOSURE CHECKLISTAPPENDIX
- Index
- End User License Agreement
Product information
- Title: Wiley GAAP for Governments 2019
- Author(s):
- Release date: December 2019
- Publisher(s): Wiley
- ISBN: 9781119511687
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