Wiley GAAP for Governments 2017 (eBook)
672 Seiten
Wiley (Verlag)
978-1-119-38147-1 (ISBN)
Wiley GAAP for Governments 2017 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 favourite 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 2017 the reference financial professionals keep on their desks rather than on their bookshelves.
Warren Ruppel, CPA (Woodcliff Lake, NJ), is the author of four Wiley accounting publications, including Wiley GAAP for Governments, and two CCH Miller accounting and auditing books. He began his career at KPMG Peat Marwick in 1979 and joined Deloitte & Touche in 1989 to specialize in not-for-profit organizations and audits of governments. Mr. Ruppel has since served as the chief financial officer of an international not-for-profit organization and as the assistant comptroller responsible for the accounting and financial reporting for one of the largest cities in the U.S.
The essential reference for governmental GAAP application Wiley GAAP for Governments 2017 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 favourite 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 2017 the reference financial professionals keep on their desks rather than on their bookshelves.
Warren Ruppel, CPA (Woodcliff Lake, NJ), is the author of four Wiley accounting publications, including Wiley GAAP for Governments, and two CCH Miller accounting and auditing books. He began his career at KPMG Peat Marwick in 1979 and joined Deloitte & Touche in 1989 to specialize in not-for-profit organizations and audits of governments. Mr. Ruppel has since served as the chief financial officer of an international not-for-profit organization and as the assistant comptroller responsible for the accounting and financial reporting for one of the largest cities in the U.S.
GAAP for Governments 2017: Interpretation and Application of GENERALLY ACCEPTED ACCOUNTING PRINCIPLES for State and Local Governments 1
Contents 7
Preface 9
About the Author 11
1: New Developments 13
Introduction 13
Recently Issued GASB Statements and Their Effective Dates 13
Exposure Drafts 14
Exposure Drafts-Implementation Guides 14
Exposure Draft-Omnibus 201X 14
Exposure Draft-Certain Debt Extinguishment Issues 15
Exposure Draft-Leases 16
Invitation to Comment 19
Financial Reporting Model Improvements-Governmental Funds 19
GASB Project Plan 19
Summary 19
2: Foundations of Governmental Accounting 21
Introduction 21
Chapter Overview 21
Entities Covered By Governmental Accounting Principles 22
Distinguishing a Governmental Entity from a Not-for-Profit Organization 22
Overview of the History of Governmental Accounting Standards Setting 24
Objectives of Governmental Accounting and Financial Reporting 25
GASB Concepts Statement 1 25
Primary Characteristics of a Government's Structure and the Services It Provides 26
Control Characteristics Resulting from a Government's Structure 26
Objectives of Financial Reporting 33
Communication Methods 34
Concepts Statement 3-Communication Methods in General-Purpose External Financial Reports that Contain Basic Financial Statements 34
Elements of Financial Statements 35
Measurement of Elements of Financial Statements 36
Hierarchy of Governmental Accounting Standards 37
GAAP Hierarchy for Governments 38
Codification of Certain FASB and AICPA Accounting and Financial Reporting Guidance 39
Summary 40
3: Fund Accounting Fundamentals 41
Introduction 41
Definition of Fund and the Purpose of Fund Accounting 42
Why Do Governments Use Fund Accounting? 42
Fund Accounting Under the GASBS 34 Reporting Model 43
How Is the Number of Funds to Be Established Determined? 43
A Synopsis of the Various Types of Funds Used By Governments For Accounting and Financial Reporting 44
Governmental Funds 45
Proprietary (Business-Type) Funds 47
Fiduciary Funds 49
Major Funds 50
A Definition of Basis of Accounting and Measurement Focus 51
Basis of Accounting 51
Recognition and Measurement of Certain Fund Liabilities And Expenditures 53
Measurement Focus 55
A Synopsis of Basis of Accounting and Measurement Focus Used By Each Type of Fund 58
Summary 59
4: General Fund and Special Revenue Funds 61
Introduction 61
Basis of Accounting and Measurement Focus 61
Nature and Use of the General Fund 62
Nature and Use of Special Revenue Funds 63
Accounting for Certain Revenue and Expenditures of General And Special Revenue Funds 66
Special Considerations-Component Units 67
Special Assessments 67
Miscellaneous Revenues 68
Expenditures 68
Accounting for Assets, Liabilities, and Fund Balances of General and Special Revenue Funds 69
Inventories and Prepaids 69
Fund Balances 71
Summary 71
5: Capital Projects Funds 73
Introduction 73
Basis of Accounting 73
Measurement Focus 74
When Are Capital Projects Funds Used? 74
Revenues and Other Financing Sources 75
Proceeds from Debt Issuance 75
Bond Anticipation Notes 76
Demand Bonds 80
Special Assessment Debt 81
Arbitrage Rebate Accounting 83
Summary 84
6: Debt Service Funds 85
Introduction 85
Situations When a Debt Service Fund Is Required Or Desirable 85
Basis of Accounting and Measurement Focus 86
Expenditure Recognition for Debt Service Payments 87
Accounting for the Advance Refunding of Long-Term Debt 89
Crossover Transaction and Refunding Bonds 91
Summary 92
7: Proprietary Funds 93
Introduction 93
Basis of Accounting and Measurement Focus for Proprietary Funds 94
Accounting Requirements under GASBS 62 95
Enterprise Funds 96
Background and Uses 96
Specific Accounting Issues 97
Internal Service Funds 102
Background and Uses 102
Specific Accounting Issues 103
Summary 104
8: Fiduciary Funds 105
Introduction 105
Agency Funds 105
Pass-Through Grants 106
Special Assessments 106
Pension (And Other Employee Benefit) Trust Funds 107
Deferred Compensation Plans 107
Investment Trust Funds 108
Private-Purpose Trust Funds 109
GASB Statement 84 Fiduciary Activities 110
Identifying Fiduciary Activities 110
Fiduciary Component Units 110
Pension and OPEB Arrangements That Are Not Component Units 111
Other Fiduciary Activities 111
Control of Assets 112
Own-Source Revenues 112
Reporting Fiduciary Activities in Fiduciary Funds 112
Statement of Fiduciary Net Position 113
Statement of Changes in Fiduciary Net Position 113
Reporting Fiduciary Component Units 114
Effective Date 114
Summary 114
9: Financial Statements Prepared By Governments 115
Introduction 116
Basic Financial Statements 116
Management's Discussion and Analysis 116
Government-wide Financial Statements 119
Statement of Net Position 120
Statement of Activities 124
Expense Presentation 124
Revenue Presentation 127
Fund Financial Statements 128
Governmental Fund Balance Reporting under GASBS 54 131
Nonspendable Fund Balance 131
Restricted Fund Balance 132
Committed Fund Balance 132
Assigned Fund Balance 133
Unassigned Fund Balance 134
Fund Balance Classifications 134
Stabilization Agreements 134
Fund Balance Display on the Balance Sheet 135
Disclosures 135
Budgetary Comparison Schedules 144
Notes and Other Disclosures 145
New Disclosure Requirements for Tax Abatements 152
Effective Date 155
Loans 155
Reimbursements 155
Interfund Transactions-Fund Financial Statements 156
Intra-Entity Transactions-Government-Wide Financial Statements 157
Statement of Net Position 157
Statement of Activities 157
Intra-Entity Activity 158
Reporting Deferred Inflows and Outflows of Resources 158
Display Requirements 158
Statement of Net Position 159
Net Investment in Capital Assets Component of Net Position 159
Restricted and Unrestricted Components of Net Position 159
Financial Reporting for Governmental Funds 159
Disclosures 160
Items Previously Reported as Assets and Liabilities 160
Refundings of Debt 160
Nonexchange Transactions 160
Sales of Future Revenues and Intra-Entity Transfers of Future Revenues 161
Debt Issuance Costs 161
Leases 162
Acquisition Costs Related to Insurance Activities 162
Lending Activities 162
Mortgage Banking Activities 162
Regulated Operations 163
Revenue Recognition in Governmental Funds 164
Comprehensive Annual Financial Report 164
CAFR Requirements 165
Narrative Explanations 171
Cash Flow Statement Preparation and Reporting 171
When Is a Cash Flow Statement Required? 172
Objectives of the Statement of Cash Flows 172
Cash and Cash Equivalents Definitions 172
Classification of Cash Receipts and Cash Disbursements 173
Direct Method of Reporting Cash Flows from Operating Activities 177
Format of the Statement of Cash Flows 178
Summary 179
10: The Importance of Budgets to Governments 181
Introduction 181
Budget Background 181
Executive Budget 182
Appropriated Budget 182
Nonappropriated Budget 182
Budgetary Execution and Management 183
Budget Amendments 183
Budgetary Reporting 184
Which Funds of the Government Adopt Budgets? 185
General Fund 185
Special Revenue Funds 185
Capital Projects Funds 185
Debt Service Funds 185
Proprietary Funds 186
Fiduciary Funds 186
Differences between the Budget and GAAP 186
Basis of Accounting Differences 186
Timing Differences 186
Perspective Differences 187
Entity Differences 187
Budgetary Control 188
Summary 191
11: Definition of the Reporting Entity 193
Introduction 193
Background 194
Accountability Focus 195
Financial Reporting Entity Defined 196
Primary Government 196
GASB Statement No. 61 (GASBS 61), The Financial Reporting Entity-An Amendment of GASB Statements No. 14 and No. 34 204
Determining Whether Certain Fundraising Organizations Are Component Units-Amendment of GASB Statement No. 14 205
Reporting of Component Units 206
Other Organizations That Are Included in the Reporting Entity 206
GASB Technical Bulletin 2004-1 (GASBTB 2004-1)-Tobacco Settlement Recognition and Financial Reporting Entity Issues 207
Display of Component Units 208
Overview of Reporting Component Units 209
Discrete Presentation of Component Units 209
Blended Component Units 210
Government Combinations and Disposals of Government Operations 222
Identifying Government Combinations 222
Types of Government Combinations 223
Government Mergers 224
Reporting Government Mergers in Governmental Fund Financial Statements 226
Recognition and Measurement of Government Acquisitions 226
Consideration 227
Intra-Entity Government Acquisitions 228
Reporting Government Acquisitions on a Provisional Basis 229
Reporting Government Acquisitions in Governmental Fund Financial Statements 229
Transfers of Operations 229
Reporting Transfers of Operations in Governmental Fund Financial Statements 230
Disposals of Government Operations 230
Reporting Disposals of Government Operations in Governmental Fund Financial Statements 231
Notes to the Financial Statements 231
Summary 232
12: Cash and Investments- Valuation and Disclosures 237
Introduction 238
Valuation of Investments 240
GASB Statement 52-Land and Other Real Estate Held As Investments By Endowments 243
Specific Application of the Requirements of GASBS 31 243
Compliance with Amortized Cost Criteria 246
Portfolio Maturity Requirements 247
Portfolio Quality Requirements 248
Portfolio Diversification Requirements 250
Portfolio Liquidity Requirements 251
Shadow Pricing Requirements 252
Accounting and Financial Reporting for Participants in External Investment Pools 253
Disclosures 253
Effective Date 253
Financial Reporting Requirements 253
Internal Investment Pools 254
Assignments of Interest 254
Required Disclosures 254
Accounting and Financial Reporting Standards for External Investment Pools and Individual Investment Accounts 255
Individual Investment Accounts 257
Deposits and Investment Risk Disclosures 257
Level of Detail 257
Deposit and Investment Policies 258
Custodial Credit Risk 258
Securities Lending Transaction Disclosures 259
Concentration of Credit Risk 259
Interest Rate Risk 259
Foreign Currency Risk 260
New Fair Value Measurement and Application Standard 260
Unit of Account 261
Markets 261
Market Participants 262
Price and Transaction Costs 262
Valuation Techniques and Approaches 263
Valuation Techniques 263
Valuation Approaches 264
Fair Value Hierarchy 265
Measuring Fair Value If the Volume or Level of Market Activity for an Asset or a Liability has Significantly Decreased 269
Identifying Transactions That Are Not Orderly 270
Using Quoted Prices Provided By Third Parties 271
Measurement Principles 272
Nonfinancial Assets 272
Liabilities 273
Application of Fair Value 275
Application of Fair Value to Investments 275
Net Asset Value Per Share 277
Readily Determinable Fair Value 277
Application of Fair Value to Debt Securities 279
Equity Interests in Common Stock 279
Acquisition Value 279
Disclosures 279
Additional Disclosures for Fair Value Measurements of Investments in Certain Entities That Calculate the Net Asset Value per Share (or Its Equivalent) 281
Effective Date and Transition 282
Nature of Securities Lending Transactions 282
Previous Accounting Treatment 283
GASBS 28's Effect on the Balance Sheet 284
GASBS 28's Effect on the Operating Statement 285
Pooled Securities 285
Disclosure Requirements 286
Split Interest Agreements 289
A Government Is the Intermediary 290
Life Interests in Real Estate 291
A Third Party Is the Intermediary 292
Summary 293
13: Derivative Instruments 295
Introduction 295
Scope 295
Recognition and Measurement of Derivative Instruments 298
Hedging Derivative Instruments 299
Evaluating the Effectiveness of a Hedge 300
Methods for Determining the Effectiveness of a Hedge 302
The Hedgeable Item Is an Existing or Expected Financial Instrument 302
Consistent Critical Terms Method 302
Quantitative Methods 305
Synthetic Instrument Method 305
Dollar-Offset Method 306
Regression Analysis Method 306
Other Quantitative Methods 307
The Hedgeable Item Is an Existing or Expected Commodity Transaction 308
Consistent Critical Terms Method 308
Quantitative Methods 309
Synthetic Instrument Method 309
Dollar-Offset Method 310
Regression Analysis Method 310
Other Quantitative Methods 311
Hybrid Instruments 311
Synthetic Guaranteed Investment Contracts 314
Notes to the Financial Statements 315
Summary Information 315
Hedging Derivative Instruments 315
Investment Derivative Instruments 318
Contingent Features 318
Hybrid Instruments 318
Synthetic Guaranteed Investment Contracts 319
Summary 319
14: Capital Assets 321
Introduction 322
Capitalization Policy 323
Valuation of Assets Recorded 324
Capital Asset Accounting 325
Depreciation of Capital Assets 325
Modified Approach 328
Definition 329
Accounting and Financial Reporting for Intangible Assets Using the Economic Resources Measurement Focus 330
Internally Generated Intangible Assets 330
Specific Amortization Issues 332
Impairment Indicator 332
Accounting and Financial Reporting for Intangible Assets Using the Current Financial Resources Measurement Focus 332
Impairment of Capital Assets 333
Definition of Impairment 333
Determining Whether a Capital Asset Is Impaired 333
Measuring Impairment 334
Reporting Impairment Losses 335
Insurance Recoveries 335
Disclosures Relating to Capital Assets 336
Service Concession Arrangements 337
Service Concession Arrangements within the Scope of GASBS 60 338
Transferor Accounting and Financial Reporting for Facilities and Related Payments Received from an Operator 339
Governmental Operator Accounting and Financial Reporting for the Right to Access Facilities and Related Payments to a Transferor 340
Accounting for Revenue Sharing Arrangements 340
Required Disclosures 341
Capitalization of Interest 341
Background 342
Amount of Interest to Be Capitalized 343
Capitalization Period 344
Capitalization of Interest Involving Tax-Exempt Borrowings and Certain Gifts and Grants 344
Disclosures 345
Asset Retirement Obligations 346
Recognition 347
Recognition of an ARO 347
Recognition of a Deferred Outflow of Resources 348
Initial Measurement 348
Initial Measurement of an ARO 348
Initial ARO Measurement Exception for a Minority Owner 348
Initial Measurement of a Deferred Outflow of Resources 349
Subsequent Measurement and Recognition 349
Subsequent Measurement and Recognition of an ARO 349
Subsequent ARO Measurement Exception for a Minority Owner 350
Subsequent Measurement and Recognition of a Deferred Outflow of Resources 350
Recognition and Measurement in Financial Statements Prepared Using the Current Financial Resources 350
Measurement Focus 350
Effects of Funding and Assurance Provisions 350
Notes to Financial Statements 351
Effective Date and Transition 351
Summary 352
15: Debt and Other Obligations 353
Overview of the Accounting for Debt and Other Obligations 354
Demand Bonds 356
Advance Refundings 359
Bond, Revenue, and Tax Anticipation Notes 364
Special Assessment Debt 366
Pollution Remediation Obligations 368
Recognition Benchmarks 370
Measurement of Liabilities 371
Accounting for Recoveries 371
Capitalization of Pollution Remediation Outlays 371
Display in Governmental Fund Financial Statements 372
Disclosures 372
Accounting for Contingencies 372
Probability Classifications for Loss Contingencies 373
Accrual of Loss Contingencies 373
Disclosure of Loss Contingencies 374
General or Unspecified Operations Risks 375
Gain Contingencies 375
GASB Statement No. 70-Accounting and Financial Reporting for Nonexchange Financial Guarantee Transactions (GASBS 70) 375
Accounting and Financial Reporting for Nonexchange Financial Guarantee Transactions 375
Recognition and Measurement in Economic Resources Financial Statements 376
Recognition and Measurement in Current Financial Resources Financial Statements 376
Governments Receiving a Financial Guarantee 376
Intra-entity Nonexchange Financial Guarantees Involving Blended Component Units 377
Disclosures 377
Governments That Issue Guaranteed Obligations 378
GASB Statement No. 58-Accounting and Financial Reporting for Chapter 9 Bankruptcies (GASBS 58) 378
Accounting Recognition 379
Accounts Payable, Notes, and Debt Obligations 379
Capital Leases 379
Pensions and Other Postemployment Benefits 380
Other Liabilities 380
Other Matters 380
Disclosure Requirements 381
Sales and Pledges of Receivables and Future Revenues 381
Intra-entity Transfers of Assets and Future Revenues 384
Amortization of Deferred Revenues and Charges 385
Residual Interest 385
Statement of Governmental Accounting Standards No. 47-Accounting for Termination Benefits (GASBS 47) 386
Recognition of Termination Liabilities and Expense in Accrual Basis Financial Statements 388
Recognition of Termination Benefit Liabilities and Expenditures in Modified Accrual Basis Financial Statements 388
Effect of Termination Benefit on an Employer's Defined Benefit Pension or OPEB Obligations 389
Disclosures 389
Summary 389
16: Landfill Closure and Postclosure Care Costs 391
Introduction 391
Applicability 391
Municipal Solid Waste Landfills 392
Estimated Total Current Cost of Closure and Postclosure Care 392
Recording Closure and Postclosure Care Costs-Proprietary Funds and Government-Wide Financial Statements 394
Recording Closure and Postclosure Care Costs-Governmental Funds 396
Reporting Changes in Estimates 396
Accounting for Assets Placed in Trust 397
Responsibility for Landfill Closure and Postclosure Care Assumed By Another Entity 397
Disclosures 398
Summary 399
17: Postemployment Benefits-Pension and Other 401
Introduction 402
Scope and Applicability 403
Financial Reporting for OPEB by Employers 405
Termination Benefits 405
Requirements for Defined Benefit Pension and OPEB Plans 405
Measurement of Annual Pension Cost and Its Recognition by the Employer 406
New Rules for Agent Employers and Agent Multiple-Employer Plans 407
Effective Date 408
Measuring Annual Pension Cost-Single-Employer and Agent Plans 408
Defined Benefit OPEB Plans-Single-Employer and Agent Multiemployer Plans 408
Calculation of the ARC 408
Parameters for Actuarial Calculations, Including the ARC 409
Benefits to Be Included 410
Actuarial Assumptions 411
Economic Assumptions 412
Actuarial Cost Method 412
Actuarial Value of Assets 414
Employer's Annual Required Contribution-ARC 414
Contribution Deficiencies and Excess Contributions 416
Net Pension Obligation 416
Liability (or Asset) at the Transition to GASBS 27 417
Net Opeb Obligation 419
Annual OPEB Cost 419
Insured Benefits 420
OPEB Liabilities (Assets) at Transition for Defined Benefit OPEB Plans 420
Recording Pension-Related Assets, Liabilities, and Expenditures/Expenses 421
Governmental Funds 421
Proprietary Funds and Other Entities That Apply Proprietary Fund Accounting 421
Employers with Multiple Plans and Multiple Funds 421
Cost-Sharing Multiemployer Plans 422
Recognition of OPEB Expenses/Expenditures, Liabilities, and Assets 422
Cost-Sharing Employers 423
Additional Guidance on Expenditure/Expense Recognition 424
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) 425
GASB Technical Bulletin 2008-1-Determining the Annual Required Contribution Adjustment for Postemployment Benefits (GASBTB 2008-1) 426
Employer Pension and OPEB Disclosures 427
Amendment to GASBS 27 427
Disclosures in Notes to the Financial Statements 429
Required Supplementary Information 431
Employers With Defined Contribution Plans 431
Other Provisions 432
Insured Plans 432
Special Funding Situations 433
GASB Statement No. 68-Accounting and Financial Reporting for Pensions-An Amendment of GASB Statement No. 27 (GASBS 68) 433
Defined Benefit Pensions 434
Measurement of Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions 436
Financial Statements Prepared Using the Current Financial Resources Measurement Focus and Modified Accrual Basis of Accounting 436
Notes to Financial Statements of Single and Agent Employers 436
Required Supplementary Information of Single and Agent Employers 437
Cost-Sharing Employers 437
Defined Contribution Pensions 438
Special Funding Situations 438
Effective Date and Transition 440
GASB Statement No. 71-Pension Transition for Contributions Made Subsequent to the Measurement Date-An Amendment of GASB Statement No. 68 (GASBS 71) 440
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 68 (GASBS 73) 441
Revenue Recognition for Support of Nonemployer Contributing Entities Not in a Special Funding Situation 443
GASB Statement No. 82 (GASBS 82) Pension Issues-an Amendment of GASB Statements No. 67, No. 68, and No. 73 444
GASB Statement No. 75 (GASBS 75)-Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions 444
Defined Benefit OPEB That Is Provided through OPEB Plans That Are Administered through Trusts That Meet the Specified Criteria 446
Alternative Measurement Method 447
Notes to Financial Statements 448
Required Supplementary Information 449
Defined Benefit OPEB That Is Provided through OPEB Plans That Are Not Administered through Trusts That Meet the Specified Criteria 450
Defined Contribution OPEB 451
Special Funding Situations 451
Effective Date 452
Summary 452
18: Compensated Absences 455
Introduction 455
Scope of GASBS 16 455
Basic Principle 456
Vacation Leave (and Other Compensated Absences with Similar Characteristics) 456
Sick Leave (and Other Compensated Absences with Similar Characteristics) 457
Sabbatical Leave 461
Other Factors Affecting the Liability Calculation 462
Financial Reporting Considerations 463
Summary 464
19: Accounting for Leases 465
Introduction 465
Accounting Basis 465
Lessee Accounting 467
Lessor Accounting 473
Other Leasing Issues for Governmental Entities 481
Operating Leases with Scheduled Rent Increases 481
Fiscal Funding and Cancellation Clauses 483
Summary 484
20: Nonexchange Transactions 485
Classes of Nonexchange Transactions 485
Accounting and Financial Reporting Requirements 486
Property Taxes 489
Income and Sales Taxes, and Other Derived Tax Revenues 493
Adjustments for the Accrual Basis of Accounting 494
Grants and Other Financial Assistance 496
Practice Issues 498
21: Risk Financing and Insurance-Related Activities/Public Entity Risk Pools 499
Introduction 499
Risk Financing and Insurance Activities of State And Local Governments (Other Than Public Entity Risk Pools) 500
Disclosure of Loss Contingencies 501
Risk Retention by Entities Other than Pools 503
Governmental Entities That Participate in Risk Pools 505
Entities Participating in Public Entity Risk Pools with Transfer or Pooling of Risk 506
Entities Participating in Public Entity Risk Pools without Transfer or Pooling of Risk 507
Other Matters for Entities Other than Public Entity Risk Pools 507
Disclosure Requirements 509
Accounting and Financial Reporting for Public Entity Risk Pools 510
What Is a Public Entity Risk Pool? 510
Specific Accounting and Financial Reporting Requirements 512
Disclosure Requirements and Required Supplementary Information 519
Summary 523
22: Pension and OPEB Plan Financial Statements 525
Introduction 526
Pension Plan Accounting and Financial Reporting 527
Defined Benefit Pension Plans 527
Single-Employer or Agent Multiemployer Plans 528
Cost-Sharing Multiemployer Plans 529
Administration of Multiple Plans 529
Financial Reporting Framework 530
GASB Statement No. 50-Pension Disclosures-An Amendment of GASB Statements No. 25 and 27 537
Amendments to GASBS 25 537
Defined Contribution Pension Plans 548
Postemployment Benefit Plans Other Than Pensions 549
Defining Postemployment Benefits Other than Pensions (OPEB) 549
Financial Reporting by OPEB Plans 549
Public Employee Retirement Systems (PERS) 551
Financial Reporting Framework 552
Required Supplementary Information 560
Parameters 560
Required Supplementary Schedules 565
Alternative Measurement Method for Plans with Fewer than 100 Members 565
OPEB Plans That Are Not Administered as Trusts (or Equivalent Arrangements) 566
Defined Contribution Plans 567
GASB 67 Requirements for Pension Plan Accounting and Financial Reporting 567
GASB Statement No. 67 (GASBS 67)-Accounting and Financial Reporting for Pensions-an Amendment of GASB Statement No. 25 567
Types of Defined Benefit Pension Plans 569
Number of Pension Plans 569
Financial Statements 570
Notes to Financial Statements 572
Disclosures Specific to Single-Employer and Cost-Sharing Pension Plans 574
Required Supplementary Information 576
Notes to the Required Schedules 577
Measurement of the Net Pension Liability 577
Total Pension Liability 578
Defined Contribution Pension Plans 581
Effective Date and Transition 581
GASBS 74 Requirements for OPEB Plans 581
Types of OPEB and OPEB Plans 582
Types of Defined Benefit OPEB Plans 583
Defined Benefit OPEB Plans That Are Administered through Trusts 583
Financial Statements 584
Statement of Fiduciary Net Position 584
Statement of Changes in Fiduciary Net Position 585
Net Increase (Decrease) in Fiduciary New Position 586
Notes to Financial Statements 586
Required Supplementary Information 588
Notes to the Required Schedules 590
Measurement of the Net OPEB Liability 591
Selection of Assumptions 591
Projection of Benefit Payments 592
Discount Rate 592
Effective Date and Transition 598
Summary 599
23: Educational and Other Governmental Entities 601
Introduction 601
School Districts 601
Legal Compliance 601
Fund Accounting 602
Reporting Entity 602
Governmental Colleges and Universities 603
Costs of Activities That Include Fundraising 606
Allocation Methods 608
Incidental Activities 608
Special-Purpose Governments 609
Governmental Hospitals and Other Health Care Providers 610
Reporting Entity Considerations 610
Governmental Not-For-Profit Organizations 610
Other Public Benefit Corporations 611
Utilities 612
Summary 613
Appendix: Disclosure Checklist 615
Index 657
End User License Agreement 675
| Erscheint lt. Verlag | 17.7.2017 |
|---|---|
| Reihe/Serie | Wiley Regulatory Reporting |
| Sprache | englisch |
| Themenwelt | Sachbuch/Ratgeber ► Beruf / Finanzen / Recht / Wirtschaft ► Bewerbung / Karriere |
| Recht / Steuern ► Wirtschaftsrecht | |
| Wirtschaft ► Betriebswirtschaft / Management ► Rechnungswesen / Bilanzen | |
| Schlagworte | Accounting • GAAP • GAAP (US-Vorschriften Rechnungslegung) • Rechnungswesen |
| ISBN-10 | 1-119-38147-9 / 1119381479 |
| ISBN-13 | 978-1-119-38147-1 / 9781119381471 |
| Haben Sie eine Frage zum Produkt? |
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