Wiley GAAP for Governments 2017 (eBook)

Interpretation and Application of Generally Accepted Accounting Principles for State and Local Governments

Warren Ruppel (Autor)

eBook Download: EPUB

2017 | 1. Auflage
672 Seiten
Wiley (Verlag)
978-1-119-38148-8 (ISBN)

Infos

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.

Autor

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.

Inhalt

Preface vii

About the Author ix

1 New Developments 1

2 Foundations of Governmental Accounting 9

3 Fund Accounting Fundamentals 29

4 General Fund and Special Revenue Funds 49

5 Capital Projects Funds 61

6 Debt Service Funds 73

7 Proprietary Funds 81

8 Fiduciary Funds 93

9 Financial Statements Prepared by Governments 103

10 The Importance of Budgets to Governments 169

11 Definition of the Reporting Entity 181

12 Cash and Investments--Valuation and Disclosures 225

13 Derivative Instruments 283

14 Capital Assets 309

15 Debt and Other Obligations 341

16 Landfill Closure and Postclosure Care Costs 379

17 Postemployment Benefits--Pension and Other 389

18 Compensated Absences 443

19 Accounting for Leases 453

20 Nonexchange Transactions 473

21 Risk Financing and Insurance-Related Activities/Public Entity Risk Pools 487

22 Pension and OPEB Plan Financial Statements 513

23 Educational and Other Governmental Entities 589

Appendix: Disclosure Checklist 603

Index 645

Textauszug

1
New Developments

1. Introduction
2. Recently Issued GASB Statements and Their Effective Dates
3. Exposure Drafts
   1. Exposure Drafts—Implementation Guides
   2. Exposure Draft—Omnibus 201X
      1. Effective Date
   3. Exposure Draft—Certain Debt Extinguishment Issues
      1. Accounting and Financial Reporting for In-Substance Defeasance of Debt Using Only Existing Resources
      2. Prepaid Insurance Related to Extinguished Debt
      3. Notes to Financial Statements for In-Substance Defeasance Transactions
      4. Effective Date and Transition
   4. Exposure Draft—Leases
      1. Definition of a Lease
      2. Lease Term
      3. Lessee Accounting
      4. Lessor Accounting
      5. Contracts with Multiple Components and Contract Combinations
      6. Short-Term Leases
      7. Lease Terminations and Modifications
      8. Subleases and Leaseback Transactions
      9. Effective Date and Transition
4. Invitation to Comment
   1. Financial Reporting Model Improvements—Governmental Funds
5. GASB Project Plan
6. Summary

Introduction

The 2017 Governmental GAAP Guide incorporates all of the pronouncements issued by the Governmental Accounting Standards Board (GASB) through February 2017. This chapter is designed to keep the reader up to date on all pronouncements recently issued by the GASB and their effective dates, as well as to report on the Exposure Drafts, Preliminary Views, and Invitations to Comment for proposed new statements or interpretations that are currently outstanding. This chapter also includes relevant information on the GASB's Technical Agenda for the upcoming year to give readers information as to potential areas for future GASB requirements.

Recently Issued GASB Statements and Their Effective Dates

GASB Statement

Effective Date

Where in This Book

72

Fair Value Measurement and Application

Periods beginning after June 15, 2015

Chapter 12

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 67 and 68

Fiscal years beginning after June 15, 2016, for pensions not within the scope of GASB 68 Fiscal years beginning after June 15, 2015, for asset reporting and GASB 67 and 68 Amendments

Chapter 17

74

Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans

Fiscal years beginning after June 15, 2016

Chapter 22

75

Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions

Fiscal years beginning after June 15, 2017

Chapter 17

76

The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments

Periods beginning after June 15, 2015

Chapter 2

77

Tax Abatement Disclosures

Periods beginning after December 15, 2015

Chapter 9

78

Pensions Provided through Certain Multi-Employer Defined Benefit Plans

Periods beginning after December 15, 2015

Chapter 17

79

Certain External Investment Pools

Periods beginning after June 15, 2015

Chapter 12

80

Blending Requirements for Certain Component Units—An Amendment of GASB Statement No. 14

Periods beginning after June 15, 2016

Chapter 11

81

Irrevocable Split-Interest Agreements

Periods beginning after December 15, 2016

Chapter 12

82

Pension Issues—An Amendment of GASB Statements No. 67, No. 68, and No. 73

Periods beginning after June 15, 2016

83

Certain Asset Retirement Obligations

Periods beginning after June 15, 2018

Chapter 14

84

Fiduciary Activities

Periods beginning after December 15, 2018

Chapter 8

The GASB has a number of Exposure Drafts and Preliminary Views that it has issued, which will affect future accounting and financial reporting requirements when final standards are developed. The following provides a brief synopsis of what is being covered by each Exposure Draft and Preliminary Views document. Readers should always be aware that the GASB often modifies proposal stage literature based upon its continuing deliberations and consideration of comments that it receives on each Exposure Draft and Preliminary Views document.

Exposure Drafts

Exposure Drafts—Implementation Guides

The GASB has two Exposure Drafts related to implementation guides.The first, which was issued in November 2016, will result in an annual update to the GASB's Comprehensive Implementation Guide. The second, which was issued in December 2016, will contain implementation guidance for GASB Statement Nos. 74 and 75 on Other Postemployment Benefits.

GASB Implementation Guides are considered authoritative GAAP for governments and consist of a series of very specific questions and answers that are designed to assist financial statement preparer and auditors implement GASB Statements. In some cases they address practice questions that arise; in other cases they address questions that the GASB chose not to specifically address in a GASB Statement itself.

Exposure Draft—Omnibus 201X

The GASB issued this Exposure Draft in September 2016 to address certain specific issues across a wide variety of topics. Specifically, the Exposure Draft states that its objective is to address practice issues that have been identified during implementation and application of certain GASB Statements. The Exposure Draft addresses a variety of topics including issues related to component unit presentation, goodwill, fair value measurement and application, and postemployment benefits (pensions and other postemployment benefits [OPEB]).

Specifically, a Statement resulting from this Exposure Draft would address the following topics:

• Blending a component unit in circumstances in which the primary government is a business-type activity that reports a single column for financial statement presentation.
• Amounts reported as goodwill and “negative” goodwill.
• How to classify real estate held for both operations and investment purposes by insurance entities.
• Measuring certain money market investments and participating interest-earning investment contracts at amortized cost.
• Timing of the measurement of pension and OPEB liabilities and related expenditures recognized in financial statements prepared using the current financial resources measurement focus.
• Recognition of on-behalf payments for pensions or OPEB in employer financial statements.
• Presentation of payroll-related measures in required supplementary information for purposes of reporting by OPEB plans and employers that provide OPEB.
• Classification of employer-paid member contributions for OPEB.
• Simplifications related to the alternative measurement method for OPEB.
• Accounting and financial reporting for OPEB provided through certain multiple-employer defined benefit OPEB plans.

Effective Date

The requirements of this proposed Statement would be effective for reporting periods beginning after June 15, 2017. Earlier application would be encouraged.

Exposure Draft—Certain Debt Extinguishment Issues

The GASB issued this Exposure Draft in August 2016. Its Summary highlights the following items that are addressed.

Accounting and Financial Reporting for In-Substance Defeasance of Debt Using Only Existing Resources

Statement No. 7, Advance Refundings Resulting in Defeasance of Debt, requires that debt be considered defeased in substance if the debtor irrevocably places refunding debt proceeds with an escrow agent in a trust to be used solely for satisfying scheduled payments of both principal and interest of the defeased debt. The trust also is required to meet certain conditions for the transaction to qualify as an in-substance defeasance. This Exposure Draft would establish essentially the same requirements if a government places only existing resources in a trust to extinguish the debt. Any difference between the reacquisition price (the amount required to be placed in the trust) and the net carrying amount of the debt defeased in substance using only existing resources would be recognized as a separately identified gain or loss in the period of the defeasance in financial statements using the economic resources measurement focus.

Governments that defease debt using only existing resources would provide a general description...

Produkt-Details

• Erscheint lt. Verlag: 17.7.2017
• Reihe/Serie: Wiley Regulatory Reporting
• Sprache: englisch
• Themenwelt: Sachbuch/Ratgeber ► Beruf / Finanzen / Recht / Wirtschaft ► Bewerbung / Karriere
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Rechnungswesen / Bilanzen
• Schlagworte: Accounting • GAAP • GAAP (US-Vorschriften Rechnungslegung) • Rechnungswesen
• ISBN-10: 1-119-38148-7 / 1119381487
• ISBN-13: 978-1-119-38148-8 / 9781119381488