State and Local Government Accounting Principles
[Pages:57]State and Local Government Accounting Principles
Chapter 2
Learning Objectives
Discuss major aspects of government financial reporting model
Define fund and examine broad categories Identify MFBA found in financial statements Analyze effects of transactions Discuss budgetary accounting & reporting Understand fund categories and types of funds
found in each category Understand basic financial reporting
requirements
GASBS 34: Basis for Financial Reporting
Issuance in 1999 marked a major change in governmental financial reporting
Created dual perspective reporting:
Government-wide financial statements, using accrual accounting
Fund financial statements, using other bases of accounting
Basic Financial Statements: Overview
Fund Financial Statements
7 - 8 Financial Statements
Governmental Proprietary Fiduciary
Funds
Funds
Funds
Links [W orksheets]
Reconciliations (Explanations)
Government-wide Financial Statements
2 Financial Statements
Governmental Business-Type
Total
Activities
Activities
Primary Government
Notes to the Financial Statements
Minimum Requirements for External Financial Reporting: The GASB's View
Management's discussion and
analysis
Government-wide financial statements
Fund financial statements
Notes to the financial statements
Required supplementary information (other than MD&A)
Fundamentals of SLG Accounting & Financial Reporting
1. GAAP & legal compliance 2. Fund accounting 3. Fund categories 4. Types of funds 5. Comparative financial statement formats 6. Annual financial reporting
GAAP & Legal Compliance
GAAP Reporting Ensures that the financial reports of all
SLGs contain the same types of financial statements and disclosures for the same types of funds and activities Requires "full" disclosure
GAAP & Legal Compliance (continued)
Legal Compliance Ranges from simple to complex
requirements
May be simple if budgeting on a GAAP basis
More complex if cash or encumbrance budgeting is required
Identifying the budgetary basis is key
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