Wiley GAAP for Governments 2020

Wiley GAAP for Governments 2020

by Warren Ruppel
Released August 2020
Publisher(s): Wiley
ISBN: 9781119596066

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Book description

A comprehensive guide to the accounting and financial reporting principles used by state and local governments

As more governmental accounting standards are issued, preparers need clear guidance. The Wiley GAAP for Governments 2020: Interpretation and Application of Generally Accepted Accounting Principles for State and Local Governments guides preparers through the standards and their increasing complexity. This is a comprehensive guide to the accounting and financial reporting principles for state and local governments, as well as other government organizations. It has been written to address the needs of users and serve as a helpful resource.

Wiley GAAP for Governments 2020 covers the key developments in governmental GAAP that occurred in 2019. Financial professionals can turn to this reliable reference for detailed information and guidance on implementing newly issued and revised standards. Charts and diagrams encourage enhanced understanding of the information.

Practitioners will find that the book offers:

  • Coverage of financial statements for school districts, public authorities, and pension plans
  • Timely information about implementing accounting updates
  • Content that stands as an application guide for practitioners
  • Checklist for preparers to help ensure that all required disclosures are completed

This thorough guide can help financial professionals successfully navigate the complexities of the latest governmental accounting standards. It is a practical resource for those who prepare the critical financial statements of government entities.

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. GASB STATEMENT 84 FIDUCIARY ACTIVITIES
    7. 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. CONDUIT DEBT OBLIGATIONS
    8. POLLUTION REMEDIATION OBLIGATIONS
    9. ACCOUNTING FOR CONTINGENCIES
    10. GASB STATEMENT NO. 70—ACCOUNTING AND FINANCIAL REPORTING FOR NONEXCHANGE FINANCIAL GUARANTEE TRANSACTIONS (GASBS 70)
    11. GASB STATEMENT NO. 58—ACCOUNTING AND FINANCIAL REPORTING FOR CHAPTER 9 BANKRUPTCIES (GASBS 58)
    12. SALES AND PLEDGES OF RECEIVABLES AND FUTURE REVENUES
    13. GASB STATEMENT NO. 47—ACCOUNTING FOR TERMINATION BENEFITS (GASBS 47)
    14. 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 GASBSTATEMENT 68, ANDAMENDMENTS TO CERTAIN PROVISIONS OF GASB STATEMENTSNO. 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. GASB STATEMENT NO. 92, OMNIBUS (GASBS 92)
    12. 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
    1. CLASSES OF NONEXCHANGE TRANSACTIONS
    2. ACCOUNTING AND FINANCIAL REPORTING REQUIREMENTS
    3. PROPERTY TAXES
    4. INCOME AND SALES TAXES, AND OTHER DERIVED TAX REVENUES
    5. ADJUSTMENTS FOR THE ACCRUAL BASIS OF ACCOUNTING
    6. GRANTS AND OTHER FINANCIAL ASSISTANCE
    7. PRACTICE ISSUES
  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. GASB STATEMENT NO. 92, OMNIBUS (GASBS 92)
    4. EFFECTIVE DATE AND TRANSITION
    5. 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 CHECKLIST
  28. INDEX
  29. END USER LICENSE AGREEMENT

Product information

  • Title: Wiley GAAP for Governments 2020
  • Author(s): Warren Ruppel
  • Release date: August 2020
  • Publisher(s): Wiley
  • ISBN: 9781119596066