You are previewing Wiley GAAP for Governments 2015: Interpretation and Application of Generally Accepted Accounting Principles for State and Local Governments.
O'Reilly logo
Wiley GAAP for Governments 2015: Interpretation and Application of Generally Accepted Accounting Principles for State and Local Governments

Book Description

The essential reference for governmental GAAP application

Wiley GAAP for Governments 2015 provides the latest information on GAAP, with coverage designed specifically for government entities. With a focus on the practical rather than the academic, this book provides insightful, up to date implementation information and explanations of the important developments in governmental GAAP that have occurred in the past year. Exclusive coverage includes school districts, public authorities, and individual pension plans financial statements, with a disclosure checklist that helps preparers ensure compliance. Visual aids help facilitate the reader's understanding of the material, providing a comprehensive guide to financial reporting for governments at the state and local level. This reliable guide is an industry favorite for its accessibility, completeness, and relevance, helping readers achieve and maintain compliance with minimal burden.

Governmental accounting standards are continuously being released, growing in complexity with each iteration. Wiley GAAP for Governments is updated annually to provide the most up-to-date information available, with thorough explanations and expert implementation advice.

  • Get up to speed on the newest accounting pronouncements

  • Understand how GAAP applies to government bodies and pension plans

  • Refer to disclosure checklists designed specifically for government entities

  • Study flowcharts, diagrams, and charts to gain a deeper understanding

  • This user-friendly guide is organized for easy navigation, and designed to help preparers quickly find, understand, and apply the information they need. Expert guidance through the increasing complexity of preparation and implementation of relevant changes is what makes Wiley GAAP for Governments 2015 the reference financial professionals keep on their desks rather than on their bookshelves.

    Table of Contents

    1. Cover Page
    2. Title Page
    3. Copyright
    4. CONTENTS
    5. PREFACE
    6. ABOUT THE AUTHOR
    7. CHAPTER 1: NEW DEVELOPMENTS
      1. INTRODUCTION
      2. RECENTLY ISSUED GASB STATEMENTS AND THEIR EFFECTIVE DATES
      3. EXPOSURE DRAFTS
      4. PRELIMINARY VIEWS
      5. GASB PROJECT PLAN
      6. SUMMARY
    8. CHAPTER 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
    9. CHAPTER 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
    10. CHAPTER 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
    11. CHAPTER 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
    12. CHAPTER 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
    13. CHAPTER 7: PROPRIETARY FUNDS
      1. INTRODUCTION
      2. BASIS OF ACCOUNTING AND MEASUREMENT FOCUS FOR PROPRIETARY FUNDS
      3. ENTERPRISE FUNDS
      4. INTERNAL SERVICE FUNDS
      5. SUMMARY
    14. CHAPTER 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
    15. CHAPTER 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
    16. CHAPTER 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
    17. CHAPTER 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 FUND-RAISING ORGANIZATIONS ARE COMPONENT UNITS— AMENDMENT OF GASB STATEMENT No. 14
      7. GASB TECHNICAL BULLETIN 2004-1 – TOBACCO SETTLEMENT RECOGNITION AND FINANCIAL REPORTING ENTITY ISSUES (GASBTB 2004–1)
      8. DISPLAY OF COMPONENT UNITS
      9. GOVERNMENT COMBINATIONS AND DISPOSALS OF GOVERNMENT OPERATIONS
      10. SUMMARY
    18. CHAPTER 12: CASH AND INVESTMENTS—VALUATION AND DISCLOSURES
      1. INTRODUCTION
      2. VALUATION OF INVESTMENTS
      3. GASB STATEMENT 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. NATURE OF SECURITIES LENDING TRANSACTIONS
      8. PREVIOUS ACCOUNTING TREATMENT
      9. GASBS 28'S EFFECT ON THE BALANCE SHEET
      10. GASBS 28'S EFFECT ON THE OPERATING STATEMENT
      11. POOLED SECURITIES
      12. DISCLOSURE REQUIREMENTS
      13. SUMMARY
    19. CHAPTER 13: DERIVATIVE INSTRUMENTS
      1. INTRODUCTION
      2. SUMMARY
    20. CHAPTER 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. SUMMARY
    21. CHAPTER 15: DEBT AND OTHER OBLIGATIONS
      1. OVERVIEW OF THE ACCOUNTING FOR DEBT AND OTHER OBLIGATIONS
      2. DEMAND BONDS
      3. ADVANCE REFUNDINGS
      4. BOND, REVENUE, AND TAX ANTICIPATION NOTES
      5. SPECIAL ASSESSMENT DEBT
      6. POLLUTION REMEDIATION OBLIGATIONS
      7. ACCOUNTING FOR CONTINGENCIES
      8. GASB STATEMENT NO. 70 – ACCOUNTING AND FINANCIAL REPORTING FOR NONEXCHANGE FINANCIAL GUARANTEE TRANSACTIONS (GASBS 70)
      9. GASB STATEMENT NO. 58 – ACCOUNTING AND FINANCIAL REPORTING FOR CHAPTER 9 BANKRUPTCIES (GASBS 58)
      10. SALES AND PLEDGES OF RECEIVABLES AND FUTURE REVENUES
      11. STATEMENT OF GOVERNMENTAL ACCOUNTING STANDARDS NO. 47 – ACCOUNTING FOR TERMINATION BENEFITS (GASBS 47)
      12. SUMMARY
    22. CHAPTER 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
    23. CHAPTER 17: POSTEMPLOYMENT BENEFITS—PENSION AND OTHER
      1. INTRODUCTION
      2. SCOPE AND APPLICABILITY
      3. REQUIREMENTS FOR DEFINED BENEFIT PENSION AND OPEB PLANS
      4. CALCULATION OF THE ARC
      5. PARAMETERS FOR ACTUARIAL CALCULATIONS, INCLUDING THE ARC
      6. NET PENSION OBLIGATION
      7. NET OPEB OBLIGATION
      8. RECORDING PENSION-RELATED ASSETS, LIABILITIES, AND EXPENDITURES/EXPENSES
      9. RECOGNITION OF OPEB EXPENSES/EXPENDITURES, LIABILITIES AND ASSETS
      10. ADDITIONAL GUIDANCE ON EXPENDITURE/EXPENSE RECOGNITION
      11. GASB 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)
      12. GASB TECHNICAL BULlETIN 2008-1 – DETERMINING THE ANNUAL REQUIRED CONTRIBUTION ADJUSTMENT FOR POSTEMPLOYMENT BENEFITS (GASBTB 2008-1)
      13. EMPLOYER PENSION AND OPEB DISCLOSURES
      14. EMPLOYERS WITH DEFINED CONTRIBUTION PLANS
      15. OTHER PROVISIONS
      16. SUMMARY
    24. CHAPTER 18: COMPENSATED ABSENCES
      1. INTRODUCTION
      2. SCOPE OF GASBS 16
      3. BASIC PRINCIPLE
      4. FINANCIAL REPORTING CONSIDERATIONS
      5. SUMMARY
    25. CHAPTER 19: ACCOUNTING FOR LEASES
      1. INTRODUCTION
      2. ACCOUNTING BASIS
      3. OTHER LEASING ISSUES FOR GOVERNMENTAL ENTITIES
      4. SUMMARY
    26. CHAPTER 20: NONEXCHANGE TRANSACTIONS
    27. CHAPTER 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
    28. CHAPTER 22: PENSION AND OPEB PLAN FINANCIAL STATEMENTS
      1. INTRODUCTION
      2. PENSION PLAN ACCOUNTING AND FINANCIAL REPORTING
      3. DEFINED BENEFIT PENSION PLANS
      4. GASB STATEMENT NO. 50, PENSION DISCLOSURES—AN AMENDMENT OF GASB STATEMENTS NO. 25 AND 27
      5. DEFINED CONTRIBUTION PENSION PLANS
      6. POSTEMPLOYMENT BENEFIT PLANS OTHER THAN PENSIONS
      7. GASB 67 REQUIREMENTS FOR PENSION PLAN ACCOUNTING AND FINANCIAL REPORTING
      8. SUMMARY
    29. CHAPTER 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
    30. APPENDIX: DISCLOSURE CHECKLIST
    31. INDEX