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Wiley GAAP for Governments 2013: Interpretation and Application of Generally Accepted Accounting Principles for State and Local Governments by Warren Ruppel

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CHAPTER 11

DEFINITION OF THE REPORTING ENTITY

Introduction

Background

Accountability Focus

Financial Reporting Entity Defined

Primary Government

Separate legal standing

Determining fiscal independence or dependence

Component units

Financial accountability

Concept of fiscal dependency

GASB Statement No. 61 (GASBS 61), The Financial Reporting Entity—An Amendment of GASB Statements No. 14 and No. 34

Effective Date

Determining Whether Certain Fund-Raising Organizations Are Component Units—Amendment of GASB Statement No. 14

Reporting of Component Units

Other Organizations That Are Included in the Reporting Entity

GASB Technical Bulletin 2004-1, Tobacco Settlement Recognition and Financial Reporting Entity Issues (GASBTB 2004-1)

Display of Component Units

Overview of Reporting Component Units

Discrete Presentation of Component Units

Government-wide financial statements

Required disclosures

Blended Component Units

Why blend some component units?

Determination of blended component units

Other reporting entity issues

Reporting organizations other than component units

Summary

INTRODUCTION

One of the challenges facing the preparer of financial statements for a governmental entity is to determine what entities should be included in the reporting entity of the government. Governments typically have related governmental entities and not-for-profit organizations that are so closely related to the government that their financial position and results of operations should be included with those ...

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