Wiley GAAP for Governments 2019

Wiley GAAP for Governments 2019

by Warren Ruppel
Released December 2019
Publisher(s): Wiley
ISBN: 9781119511687

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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

  1. Cover
  2. PREFACE
  3. ABOUT THE AUTHOR
  4. 1 NEW DEVELOPMENTS
    1. INTRODUCTION
    2. RECENTLY ISSUED GASB STATEMENTS AND THEIR EFFECTIVE DATES
    3. EXPOSURE DRAFTS
    4. PRELIMINARY VIEWS
    5. INVITATION TO COMMENT
    6. GASB PROJECT PLAN
    7. SUMMARY
  5. 2 FOUNDATIONS OF GOVERNMENTAL ACCOUNTING
    1. INTRODUCTION
    2. CHAPTER OVERVIEW
    3. ENTITIES COVERED BY GOVERNMENTAL ACCOUNTING PRINCIPLES
    4. OVERVIEW OF THE HISTORY OF GOVERNMENTAL ACCOUNTING STANDARDS SETTING
    5. OBJECTIVES OF GOVERNMENTAL ACCOUNTING AND FINANCIAL REPORTING
    6. OBJECTIVES OF FINANCIAL REPORTING
    7. COMMUNICATION METHODS
    8. ELEMENTS OF FINANCIAL STATEMENTS
    9. HIERARCHY OF GOVERNMENTAL ACCOUNTING STANDARDS
    10. CODIFICATION OF CERTAIN FASB AND AICPA ACCOUNTING AND FINANCIAL REPORTING GUIDANCE
    11. SUMMARY
  6. 3 FUND ACCOUNTING FUNDAMENTALS
    1. INTRODUCTION
    2. DEFINITION OF FUND AND THE PURPOSE OF FUND ACCOUNTING
    3. A SYNOPSIS OF THE VARIOUS TYPES OF FUNDS USED BY GOVERNMENTS FOR ACCOUNTING AND FINANCIAL REPORTING
    4. A DEFINITION OF BASIS OF ACCOUNTING AND MEASUREMENT FOCUS
    5. RECOGNITION AND MEASUREMENT OF CERTAIN FUND LIABILITIES AND EXPENDITURES
    6. A SYNOPSIS OF BASIS OF ACCOUNTING AND MEASUREMENT FOCUS USED BY EACH TYPE OF FUND
    7. SUMMARY
  7. 4 GENERAL FUND AND SPECIAL REVENUE FUNDS
    1. INTRODUCTION
    2. BASIS OF ACCOUNTING AND MEASUREMENT FOCUS
    3. NATURE AND USE OF THE GENERAL FUND
    4. NATURE AND USE OF SPECIAL REVENUE FUNDS
    5. ACCOUNTING FOR CERTAIN REVENUE AND EXPENDITURES OF GENERAL AND SPECIAL REVENUE FUNDS
    6. ACCOUNTING FOR ASSETS, LIABILITIES, AND FUND BALANCES OF GENERAL AND SPECIAL REVENUE FUNDS
    7. SUMMARY
  8. 5 CAPITAL PROJECTS FUNDS
    1. INTRODUCTION
    2. BASIS OF ACCOUNTING
    3. MEASUREMENT FOCUS
    4. WHEN ARE CAPITAL PROJECTS FUNDS USED?
    5. REVENUES AND OTHER FINANCING SOURCES
    6. SUMMARY
  9. 6 DEBT SERVICE FUNDS
    1. INTRODUCTION
    2. SITUATIONS WHEN A DEBT SERVICE FUND IS REQUIRED OR DESIRABLE
    3. BASIS OF ACCOUNTING AND MEASUREMENT FOCUS
    4. EXPENDITURE RECOGNITION FOR DEBT SERVICE PAYMENTS
    5. ACCOUNTING FOR THE ADVANCE REFUNDING OF LONG‐TERM DEBT
    6. SUMMARY
  10. 7 PROPRIETARY FUNDS
    1. INTRODUCTION
    2. BASIS OF ACCOUNTING AND MEASUREMENT FOCUS FOR PROPRIETARY FUNDS
    3. ENTERPRISE FUNDS
    4. INTERNAL SERVICE FUNDS
    5. SUMMARY
  11. 8 FIDUCIARY FUNDS
    1. INTRODUCTION
    2. AGENCY FUNDS
    3. PENSION (AND OTHER EMPLOYEE BENEFIT) TRUST FUNDS
    4. INVESTMENT TRUST FUNDS
    5. PRIVATE‐PURPOSE TRUST FUNDS
    6. SUMMARY
  12. 9 FINANCIAL STATEMENTS PREPARED BY GOVERNMENTS
    1. INTRODUCTION
    2. BASIC FINANCIAL STATEMENTS
    3. INTERFUND TRANSACTIONS—FUND FINANCIAL STATEMENTS
    4. INTRA‐ENTITY TRANSACTIONS—GOVERNMENT‐WIDE FINANCIAL STATEMENTS
    5. REPORTING DEFERRED INFLOWS AND OUTFLOWS OF RESOURCES
    6. COMPREHENSIVE ANNUAL FINANCIAL REPORT
    7. CASH FLOW STATEMENT PREPARATION AND REPORTING
    8. SUMMARY
  13. 10 THE IMPORTANCE OF BUDGETS TO GOVERNMENTS
    1. INTRODUCTION
    2. BUDGET BACKGROUND
    3. WHICH FUNDS OF THE GOVERNMENT ADOPT BUDGETS?
    4. DIFFERENCES BETWEEN THE BUDGET AND GAAP
    5. BUDGETARY CONTROL
    6. SUMMARY
  14. 11 DEFINITION OF THE REPORTING ENTITY
    1. INTRODUCTION
    2. BACKGROUND
    3. ACCOUNTABILITY FOCUS
    4. FINANCIAL REPORTING ENTITY DEFINED
    5. GASB STATEMENT NO. 61 (GASBS 61), THE FINANCIAL REPORTING ENTITY—AN AMENDMENT OF GASB STATEMENTS NO. 14 AND NO. 34
    6. DETERMINING WHETHER CERTAIN FUNDRAISING ORGANIZATIONS ARE COMPONENT UNITS—AMENDMENT OF GASB STATEMENT NO. 14
    7. GASB STATEMENT NO. 90 (GASBS 90), MAJORITY EQUITY INTERESTS—AN AMENDMENT OF GASB STATEMENTS NO. 14 AND NO. 61
    8. GASB TECHNICAL BULLETIN 2004‐1 (GASBTB 2004‐1), TOBACCO SETTLEMENT RECOGNITION AND FINANCIAL REPORTING ENTITY ISSUES
    9. DISPLAY OF COMPONENT UNITS
    10. GOVERNMENT COMBINATIONS AND DISPOSALS OF GOVERNMENT OPERATIONS
    11. SUMMARY
  15. 12 CASH AND INVESTMENTS—VALUATION AND DISCLOSURES
    1. INTRODUCTION
    2. VALUATION OF INVESTMENTS
    3. GASB STATEMENT NO. 52—LAND AND OTHER REAL ESTATE HELD AS INVESTMENTS BY ENDOWMENTS
    4. FINANCIAL REPORTING REQUIREMENTS
    5. REQUIRED DISCLOSURES
    6. DEPOSITS AND INVESTMENT RISK DISCLOSURES
    7. NEW FAIR VALUE MEASUREMENT AND APPLICATION STANDARD
    8. VALUATION TECHNIQUES AND APPROACHES
    9. IDENTIFYING TRANSACTIONS THAT ARE NOT ORDERLY
    10. USING QUOTED PRICES PROVIDED BY THIRD PARTIES
    11. NATURE OF SECURITIES LENDING TRANSACTIONS
    12. PREVIOUS ACCOUNTING TREATMENT
    13. GASBS 28’S EFFECT ON THE BALANCE SHEET
    14. GASBS 28’S EFFECT ON THE OPERATING STATEMENT
    15. POOLED SECURITIES
    16. DISCLOSURE REQUIREMENTS
    17. SUMMARY
  16. 13 DERIVATIVE INSTRUMENTS
    1. INTRODUCTION
    2. SUMMARY
  17. 14 CAPITAL ASSETS
    1. INTRODUCTION
    2. VALUATION OF ASSETS RECORDED
    3. DEPRECIATION OF CAPITAL ASSETS
    4. DISCLOSURES RELATING TO CAPITAL ASSETS
    5. SERVICE CONCESSION ARRANGEMENTS
    6. CAPITALIZATION OF INTEREST
    7. RECOGNITION
    8. INITIAL MEASUREMENT
    9. SUBSEQUENT MEASUREMENT AND RECOGNITION
    10. RECOGNITION AND MEASUREMENT IN FINANCIAL STATEMENTS PREPARED USING THE CURRENT FINANCIAL RESOURCES
    11. SUMMARY
  18. 15 DEBT AND OTHER OBLIGATIONS
    1. OVERVIEW OF THE ACCOUNTING FOR DEBT AND OTHER OBLIGATIONS
    2. DEBT DISCLOSURES UNDER GASB 88
    3. DEMAND BONDS
    4. ADVANCE REFUNDINGS
    5. BOND, REVENUE, AND TAX ANTICIPATION NOTES
    6. SPECIAL ASSESSMENT DEBT
    7. POLLUTION REMEDIATION OBLIGATIONS
    8. ACCOUNTING FOR CONTINGENCIES
    9. GASB STATEMENT NO. 70—ACCOUNTING AND FINANCIAL REPORTING FOR NONEXCHANGE FINANCIAL GUARANTEE TRANSACTIONS (GASBS 70)
    10. GASB STATEMENT NO. 58—ACCOUNTING AND FINANCIAL REPORTING FOR CHAPTER 9 BANKRUPTCIES (GASBS 58)
    11. SALES AND PLEDGES OF RECEIVABLES AND FUTURE REVENUES
    12. GASB STATEMENT NO. 47—ACCOUNTING FOR TERMINATION BENEFITS (GASBS 47)
    13. SUMMARY
  19. 16 LANDFILL CLOSURE AND POSTCLOSURE CARE COSTS
    1. INTRODUCTION
    2. APPLICABILITY
    3. MUNICIPAL SOLID WASTE LANDFILLS
    4. RESPONSIBILITY FOR LANDFILL CLOSURE AND POSTCLOSURE CARE ASSUMED BY ANOTHER ENTITY
    5. DISCLOSURES
    6. SUMMARY
  20. 17 POSTEMPLOYMENT BENEFITS—PENSION AND OTHER
    1. INTRODUCTION
    2. SCOPE AND APPLICABILITY
    3. COST‐SHARING EMPLOYERS
    4. ALTERNATIVE MEASUREMENT METHOD FOR OPEB LIABILITIES
    5. DEFINED CONTRIBUTION PENSION AND OPEB PLANS
    6. GASB STATEMENT NO. 71, PENSION TRANSITION FOR CONTRIBUTIONS MADE SUBSEQUENT TO THE MEASUREMENT DATE—AN AMENDMENT OF GASB STATEMENT NO. 68 (GASBS 71)
    7. 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)
    8. GASB STATEMENT NO. 82, PENSION ISSUES—AN AMENDMENT OF GASB STATEMENTS NO. 67, NO. 68, AND NO. 73 (GASBS 82)
    9. GASB STATEMENT NO. 75, ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (GASBS 75)
    10. GASB STATEMENT NO. 85, OMNIBUS 2017 (GASBS 85)
    11. SUMMARY
  21. 18 COMPENSATED ABSENCES
    1. INTRODUCTION
    2. SCOPE OF GASBS 16
    3. BASIC PRINCIPLE
    4. FINANCIAL REPORTING CONSIDERATIONS
    5. SUMMARY
  22. 19 ACCOUNTING FOR LEASES
    1. INTRODUCTION
    2. ACCOUNTING BASIS
    3. OTHER LEASING ISSUES FOR GOVERNMENTAL ENTITIES
    4. SUMMARY
  23. 20 NONEXCHANGE TRANSACTIONS
  24. 21 RISK FINANCING AND INSURANCE‐RELATED ACTIVITIES/PUBLIC ENTITY RISK POOLS
    1. INTRODUCTION
    2. RISK FINANCING AND INSURANCE ACTIVITIES OF STATE AND LOCAL GOVERNMENTS (OTHER THAN PUBLIC ENTITY RISK POOLS)
    3. ACCOUNTING AND FINANCIAL REPORTING FOR PUBLIC ENTITY RISK POOLS
    4. SUMMARY
  25. 22 PENSION AND OPEB PLAN FINANCIAL STATEMENTS
    1. INTRODUCTION
    2. GASB 67 REQUIREMENTS FOR PENSION PLAN ACCOUNTING AND FINANCIAL REPORTING
    3. EFFECTIVE DATE AND TRANSITION
    4. SUMMARY
  26. 23 EDUCATIONAL AND OTHER GOVERNMENTAL ENTITIES
    1. INTRODUCTION
    2. SCHOOL DISTRICTS
    3. GOVERNMENTAL COLLEGES AND UNIVERSITIES
    4. GOVERNMENTAL HOSPITALS AND OTHER HEALTH CARE PROVIDERS
    5. GOVERNMENTAL NOT‐FOR‐PROFIT ORGANIZATIONS
    6. OTHER PUBLIC BENEFIT CORPORATIONS
    7. SUMMARY
  27. APPENDIX: DISCLOSURE CHECKLISTAPPENDIX
  28. Index
  29. End User License Agreement

Product information

  • Title: Wiley GAAP for Governments 2019
  • Author(s): Warren Ruppel
  • Release date: December 2019
  • Publisher(s): Wiley
  • ISBN: 9781119511687