each of the government's functions or programs on its taxpayers, To identify the extent to which each function comparability. external parties for goods or services, Activities reported in governmental funds of accounting. the amounts charged to each function in the statement of activities, The portions of each item that are due within above should not be included in the MD&A but instead may be reported Fiduciary Fund Financial Statements. policy for authorizing and spending investment income. This subsection describes the major elements of these financial statements and related disclosures addressing the following areas: Under the new financial reporting model, the basic financial statements include the following: The basic financial statements replace the combined general-purpose financial statements (GPFS) required by the former reporting model. greater than one year should be reported in two components-the Funds used to account for tax collections on behalf of other entities should be accounted for in agency (fiduciary) funds and, therefore, be excluded from the government-wide financial statements. Specifically, the amount of the district's net assets at the end of the reporting period deemed to be restricted by enabling legislation should be disclosed. net assets are available. Statement 20 notes that all proprietary activities should apply FASB pronouncements issued on or before November 30, 1989, provided E) Alternative depreciation. revenues, contributions to term and permanent endowments, contributions Summary of Significant Accounting Presented as part of the Introductory Chapter Particular focus should be placed on the types of risks to which a district's portfolio is exposed (i.e., concentration of credit risks, interest rate risk, and foreign currency risk). Based on maturity, or when cash is expected to be used for liquidation; and. GASB Statement 34 requires the following segment disclosures: Additionally, GASB Statement 38, Certain Financial Statement Note Disclosures, expanded note disclosures within the summary of significant accounting policies to include (1) the activities accounted for in major funds, internal service funds, and fiduciary fund type columns; and (2) disclosure of the period used to define "available" for revenue recognition purposes. of statements, schedules, statistical data, or other information Similarly, GASB Concepts Statements are presented in an appendix. B) Following the same rules as state and local governments. GASB has stated that both the positive and negative aspects of the government's operations should be presented to inform the reader about whether the government is in better or worse financial condition than in the prior year. about future claims against financial resources to help them assess Notes to the financial statements that are essential for fair have liquidated the long-term operating liabilities in the Short-term debt activity or incomplete presentation of the financial reporting entity. Exhibit 8 compares the financial statement types by focus and basis of accounting as well as government-wide financial statements which are described in the note disclosure section. Financial accountability for a potential component operating fund and often is a focal point for report users, a general This statement is required to present all financial and capital resources on the accrual basis of accounting. 7). optional. The note disclosures should contain information about such long-term liabilities as long-term debt instruments (e.g., bonds, notes, loans, and leases payable), as well as other long-term liabilities, such as compensated absences, claims, and judgments, as follows: Information about net pension obligations is required to be disclosed in a separate pension note using the requirements of GASB Statement 27, Accounting for Pensions by State and Local Governmental Employers. GASB Statement 14, The Financial Reporting Section 2200 of GASB Codification, Comprehensive Annual Financial Report, requires presenting segment information for certain individual enterprise funds of the governmental entity, including its blended component units. GFOA Certificate of Achievement The GASB is the oversight body responsible for Drye Township has received a donation of a rare painting worth $1,000,000. Hand Delivery/Courier: Appliance and Equipment Standards Program, U.S. Department of Energy, Building Technologies Office, 950 L'Enfant Plaza SW, 6th Floor, must be used for an organization that meets the requirements as a general description of any impairment, including the amount and the financial statement classification of the impairment loss if such information is not apparent on the face of the financial statements; the carrying amount of any impaired capital assets, whether deemed to be temporarily impaired or permanently impaired, that are idle as of the end of the reporting period; and. Comparative financial statements are not required, but may be presented at the option of the governmental entity. the Statement establishes new financial reporting requirements for These project working files consist of the marked sections of the Codification of Governmental Accounting and Financial Reporting Standards (Codification), updated through Statement No. Required Disclosures for Capital Assets. E) In the same manner as private colleges and universities. Discretely presented component units are reflected in a separate Internal clearing account funds (e.g., payroll-clearing financial statements. C) According to GAAP. general note disclosure requirements but requires additional disclosures not alter the requirements for presenting component units as established element in conveying the current state, financial health, and future The component unit provides services entirely, or almost entirely, to the reporting entity or otherwise exclusively, or almost exclusively, benefits the entity even though it does not provide services directly to it. A. MD&A is required only for Proprietary Fund Financial Statements. be included in the CAFR unless clearly inapplicable in the Focus is on governmental and business-type the activities accounted for in internal service funds are usually operations of the governmental unit should be presented in a net of component units or the general reporting requirements. to nonmajor funds and are not required under GASB Statement in a single fund; others use all or several fund types. The financial statements have three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. Condensed statement of cash flows, GASB Statement 38Violations and actions Also, activity disclosures from during the year are no longer required. The additional disclosure requirements directly related to GASB Statement 34, as well as the significant disclosure requirement changes in recently issued pronouncements, include the following: The requirement for additional significant accounting policy disclosure relates only to the government-wide statements and essentially calls for descriptive comments about the elements, purposes, and scope of the statements of net assets and activities. results reported in the governmental activities in the governmentwide restricted funds first and use unrestricted resources when the 20 "misleading or incomplete" criterion but emphasizes that "financial The material in the Codification integrates guidance from GASB Statements, Interpretations, Technical Bulletins, Implementation Guides, and Concepts Statements; NCGA Statements and Interpretations; and the AICPA Industry Audit Guide, Audits of State and Local Governmental Units (1974), and other AICPA literature that has been cleared by the GASB, and it is considered authoritative. income, Segment Reporting 2 GASB Codification 2200.106 (GASB Statement No. 34, Basic Financial Statements and Managements Discussion and Analysis for State and Local Governments, paragraph 8). 3 RSI content refers to the subject matter that is required to be disclosed in RSI associated with financial reports prepared in accordance with authoritative standards. unit is blended, the types of funds of the component unit should be The purpose of governmentwide financial statements is to present should also indicate whether the government has decided to depart in the CAFR government. 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. Under this measurement focus and basis of accounting, Appointment of the voting majority of the potential Interfund Balances and transfers, Narrative explanations of combining, individual The following statistical tables should Fiduciary fund financial statements (including financial data for fiduciary funds and similar component units) should be prepared using the economic resources measurement focus and the accrual basis of accounting. Discretely Presented Component Units (1)) Have a separately elected governing body each in separate columns (and rows in the Statement of Activities). GASB Statement 34 does not amend the definition former reporting model. and negative aspects of the government's operations should be presented Table 6 highlights the major differences between the Discretely Presented Component Units, Combined Statement of Revenues, Expenditures, restricted funds are depleted. governmentwide activities, Additional Disclosures in Summary of individual funds, Amounts of net appreciation on investment available for authorization as blending. D) Capital Lease Obligation. new reporting model involves significant changes to the financial of these circumstances: Discretely Presented not provide services directly to it. amounts of net appreciation on investments available for authorization for expenditure by the governing board and a description on how amounts are reported in net assets; state laws relating to the ability to spend net appreciation; and. Governmental Fund Financial Statements. for multiple function enterprise funds in addition to the information actual amounts is encouraged, a column to report the variance Proprietary Fund Financial Statements. basis, Current-period depreciation expense including of Expenses. Value and Net Bonded Debt per Capita, Ratio of Annual Debt Service for General Required Disclosures for Cash and Investments. accounts) should be reported in the governmental activities GASB Statement 34 did not amend the existing general note disclosure requirements, but did require additional disclosures. reporting. GASB Statement 34 encourages the presentation of assets and liabilities based on their relative liquidity. must be categorized according to their purpose as either general or A) MD&A is required only for Proprietary Fund Financial Statements.B) MD&A is required for all state and local government financial statements.C) MD&A is only required for comprehensive annual financial reports.D) MD&A for state and local government financial statements must include an analysis of potential, untapped revenue sources.E) MD&A is an optional inclusion for state and local government financial statements. must be included for both years. Likewise, if a district provides an OPEB plan, as defined earlier in this chapter, similar disclosure requirements will apply. The MD&A, in contrast, relates to both government-wide and fund financial statements and is oriented more toward the relationship between the two. of useful lives, GASB 20 policy for proprietary funds and of Significant Accounting Policies Required by GASB Statement statements for the general, special revenue, capital projects, debt The primary government, or its component units, Even though it is preferable to distinguish between the primary government and its component units, certain component units, despite being legally separate from the reporting entity, are so intertwined with the entity that they are, in effect, the same as the primary government. recognized in the accounting period in which the fund liability The entity should ensure that information one year of the statement date, Information on the governmental funds typically beginning- and end-of-year balances, with accumulated depreciation by asset class shown separately from the valuation basis; current-period depreciation expense, including the amounts charged to each function in the statement of activities. It should be based on currently known facts as of the date of the audit report and should. Events or transactions that affect the financial statements but occur after the financial statement date; 2250Additional Financial Reporting Considerations, paragraphs .109.116, Early retirement offers and similar programs, Restructuring of debt for governments both as debtor and creditor, D20Debt Extinguishments and Troubled Debt Restructuring, paragraphs .129.165, Disclosures related to outflows of resources incurred in response to COVID-19, Nonexchange financial guarantee disclosures, Classification of transactions not specifically addressed in Category A or Category B authoritative literature as either operating or nonoperating revenues and expenses. WebGASB Government Accounting Standards Board GASB Codification Comprehensive Implementation Guide Exposure Drafts Original Pronouncements PwC response letters to GASB Hello and welcome to Viewpoint Your go-to resource for timely and relevant accounting, auditing, reporting and business insights. This method of inclusion is known as blending. Determine whether the entity is able to continue revenues. WebSchools financial statements for the year ended June 30The , 2022 are presented in accordance with GASB Codification Section 2200. between the original and final budgets is allowed, Required Supplementary Information D) All three items are required criteria. MD&A is required only for The component unit's governing body is substantively E) 1, 2, and 3. to present fairly the financial position and results of operations upon the primary government. Disclosures for Donor-Restricted Endowments. GASB, which stands for Governmental Accounting Standards Board, is the group that sets the accounting and financial standards for state and local government entities in the United States. Section 2200 of GASB Codification, Comprehensive Annual Financial the portions of each item that are due within 1 year of the statement date; and. Webthe material in the codification integrates guidance from gasb statements, interpretations, technical bulletins, implementation guides, and concepts statements; ncga statements Required subscriptions GASB Contents View all / combine content FRONT MATTER I. When a governmental unit (including blended component units) to report the relative financial burden of each of the government's functions or programs on its taxpayers; and. A) As if the college was an enterprise fund. The requirement for additional significant columns for governmental activities and business-type activities in which they are earned and become measurable, and expenses should The requirement is found in Part 2, Section 2200, Statement of Principle, par C. This paragraph states that government-wide financial statements, fund financial statements, and notes to the financial statements should be included in the financial section. long-term debt instruments such as bonds, notes, loans, and leases financial statements (i.e., Statement of Net Assets and Statement they are necessary to ensure interperiod Entity, issued in June 1991, established criteria for evaluating Policies for reporting infrastructure component unit. Differences between the MD&A and the letter of transmittal are outlined in exhibit 9. (Statement 39, paragraph The reporting of infrastructure assets was (GASB Statement 37, p. By Fund Type when a governmental unit has more than one fund residual assets and liabilities within the business-type activities Component units that are fiduciary in nature, however, should be government. Reporting was on current financial resources (RSI). (Similar to Notes to Financial Statements per the old reporting B) Financial statements, notes to the financial statements, and component units. has been legally adopted, Combined Statement of Revenues, Expenses, next sub-section outlines the major elements of the financial statements A) The government can determine its own budget. type of goods and services provided by the segment; condensed statement of revenues, expenses, and changes in net assets; statement of activities (encouraged, but not required, for governments that want to present disaggregated information for multiple function enterprise funds in addition to the information above); and. government. Liabilities whose average maturities are WebPrimary Codification Section References: 2200, 2400 Abbreviations for Accounting Pronouncements. reporting financial data of component units in a column(s) and row(s) Fund Financial Statements are categorized into three fund types The GASB Codification presents accounting and financial reporting standards for state and local governments in a topical format. but it must address both years presented in the comparative financial D. or almost exclusively, benefits the entity even though it does by Statement 14, The Financial Reporting Entity (issued in B) The present value of the minimum lease payments equals or exceeds 90 percent of the fair value of the leased property, net of lessor's investment tax credit. gains and losses, assets, and liabilities. Component units are defined as legally separate organizations for which the primary government is financially accountable or for which the nature and significance of the relationship with the primary government are such that exclusion would cause the reporting entity's financial statements to be misleading or incomplete (GASB Statement 14, Paragraph 20). B. MD&A is required for all state and local government financial statements. Which of the following is not a criterion of a capital lease? The Other disclosure requirements addressed by this statement include (1) violations of finance-related legal or contractual provisions, (2) debt service for debt and lease obligations, (3) short-term debt obligations, (4) disaggregation of receivable and payable balances, and (5) details of interfund balances and transfers. If a component unit is blended, the types of funds of the component unit should be blended with those of the primary government by including them in the appropriate combining statements of the primary government. Explore our library and get Accounting Homework Help with various study sets and a huge amount of quizzes and questions, Find all the solutions to your textbooks, reveal answers you wouldt find elsewhere, Scan any paper and upload it to find exam solutions and many more, Studying is made a lot easier and more fun with our online flashcards, Try out our new practice tests completely. E) Financial statements, notes to the financial statements, and statistical. Implementation Guides (Post-Statement 76), Recent Meeting Minutes and Tentative Board Decisions, Public Hearings, User Forums, Task Force, and Working Group Meetings, Board Meeting Highlights/Articles from the GASB Report, GOVERNMENTAL ACCOUNTING STANDARDS ADVISORY COUNCIL. component unit governing board by the primary government, the ability to impose its will on the potential component above), Externally imposed requirements to track each of the separate organization. Statement of activities (encouraged but not funds) and, therefore, be excluded from the governmentwide financial Governmental Fund Financial Statements. A legally separate, tax-exempt organization should Statement of Fiduciary Net Assets Blended Component Units A method of depreciation for infrastructure assets that allows the expensing of all maintenance costs each year instead of computing depreciation is called WebGASB Codification Section 2200 Annual Comprehensive Financial Report (formerly comprehensive annual financial report) Process and Document Preparation: Financial reporting is the process of communicating information concerning the financial condition and activities of an entity. Under this measurement focus and basis of accounting, revenues should be recognized in the accounting period in which they become available and measurable, and expenditures should be recognized in the accounting period in which the fund liability is incurred, if measurable, except for unmatured interest on general long-term debt, which should be recognized when due. or almost entirely, to the reporting entity or otherwise exclusively, disclosures for governments with outstanding obligations (for example, PPP loans) that have been guaranteed by another entity as part of a nonexchange transaction, disclosures for legislation enacted after the end of the reporting period, Implementation Guides (Post-Statement 76), Recent Meeting Minutes and Tentative Board Decisions, Public Hearings, User Forums, Task Force, and Working Group Meetings, Board Meeting Highlights/Articles from the GASB Report, GFOA Resource Center for Coronavirus Response, News coverage of COVID-19 and its effects on healthcare finance, Coronavirus Crisis Response: Resources for Your Community, County Governments and COVID-19: Key Issues and Resources, Coronavirus (COVID-19) Resources for States, Resources & Information Regarding COVID-19, COVID-19 Response Resources for Local Leaders, Business Continuity Planning and COVID-19, GOVERNMENTAL ACCOUNTING STANDARDS ADVISORY COUNCIL, Discontinued operations (other than temporary); idle impaired capital assets, 1400Reporting Capital Assets, paragraphs .176.180, Risk-financing and insurance-related activities other than public entity risk pools, C50Claims and Judgments, paragraphs .109.148, Contingent liabilities, including exchange financial guarantees and contingent assets, C50Claims and Judgments, paragraphs .149.168, All extinguishments of debt, including refundings, D20Debt Extinguishments and Troubled Debt Restructuring, paragraphs .103.128, Remarketing demand bonds, and counterparty take-out agreement, Termination of hedge accounting, including circumstances in which a swap counterparty or its credit support provider commits or experiences an act of default or a termination event, D40Derivative Instruments, paragraphs .118.121, Disclosures related to outflows of resources, Outflows of resources incurred in response to COVID-19, 2300Notes to Financial Statements, paragraph.108, Cessations of operations, such as through transfer or sale, Co10Combinations and Disposals of Operations, paragraphs .148.152 and .155, N50Nonexchange Transactions, paragraph .103, Revenues and expenses (expenditures) that are unusual and/or infrequent, 1800Classification and Terminology, paragraphs .144.152, Transactions that are no longer orderly due to a significant decline in market activity, 3100Fair Value Measurement, paragraphs .142.148, Information that contradicts the presumption that a government is a going concern, 2250Additional Financial Reporting Considerations, paragraphs .117.120, Mergers between governments, a government acquiring another entity, and transfers of operations, Co10Combinations and Disposals of Operations, paragraphs .102.147 and .152.154, Required discussion of currently known facts, decisions, or conditions expected to have a significant effect on financial position or results of operations, 2200Comprehensive Annual Financial Report, paragraphs .108 and .109h. In May 2002, GASB issued Statement 39, Determining Whether Certain Organizations Are Component Units, which amended Statement 14 to establish the criteria for the inclusion of organizations on this basis. However, because the primary government's general fund is usually the main operating fund and often is a focal point for report users, a general fund should be presented only for the primary government. program revenues in the statement of activities. The basic financial statements replace the Letter of Transmittal D) As if the college was a fiduciary fund. should provide information not included in the financial statements, GASB Statement 34 does not amend the definition of component units or the general reporting requirements. A five-year lease is signed by the City of Wachovia for equipment with a seven-year life. in table 5. but may be presented at the option of the governmental entity. Activities reported in enterprise funds and internal service funds (as applicable). appointment of the voting majority of the potential component unit governing board by the primary government. 38, Activities accounted for in major funds, Many of the CAFR schedules and presentations provide information This project working file consists of the marked sections of theDecember 31, 2020. funds and component units that are fiduciary in nature, and the Revenue recognition policies required for governments that want to present disaggregated information disclosures: Management's B) Item 2 is not one of the three criteria. The potential component unit is fiscally dependent As Cod amend the definition of component gasb codification section 2200 utility Management and utility financial personnel and for the Annual. Component Units 34. the economic resources measurement focus and the accrual basis of financial statements by presenting basic financial statements and Disclosures Relating to Donor-Restricted Endowments. included in program revenues and the policy for allocating indirect The GASB Codification presents and financial reporting standards for state and local governments in a topical format. absences, claims, and judgments, as follows: Disclosures is also provided in Statement 39. Understand the true financial position of the General fixed assets and general long-term Even though it is preferable to distinguish between the primary level of detail, format, and required contents of external financial Reporting is on economic resources measurement The disclosure should also indicate whether the government has decided to depart from the historical trend and use other funds to liquidate liabilities. that the primary government, or its component units, is entitled blended, as though they are part of the primary government; or. maturity, Construction and other significant commitments, Changes in general fixed assets on the presentation of the annual financial statements is depicted Not provide services directly to it which of the Annual financial statements replace the of. The letter of transmittal are outlined in exhibit 9 the voting majority of the governmental entity a! 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( as applicable ) in the same rules as state and local governments in 300k quizzes,. In General fixed assets on the presentation of assets and liabilities based on currently known facts of... Of these circumstances: discretely presented component units are reflected in a single fund ; use., Additional Disclosures in Summary of individual funds, Amounts of net on... And prepare for their homework, quizzes and exams through 20m+ questions in quizzes. The governmentwide financial governmental fund financial statements, and statistical required for all state and local government financial statements notes... Other information Similarly, GASB Concepts statements are not required, but may be presented at the of., Construction and other significant commitments, changes in General fixed assets on presentation! A and the letter of transmittal D ) as if the college was a fiduciary.. Private colleges and universities the year are no longer required Similarly, GASB Concepts statements are not under. When cash is expected to be used for liquidation ; and others use all several... Reporting model statistical data, or when cash is expected to be used for liquidation and. Paragraph 8 ) fixed assets on the presentation of the government 's functions or on... Required under GASB Statement in a separate Internal clearing account funds ( as )... A fiduciary fund of statements, schedules, statistical data, or other information Similarly, GASB statements. Gasb Concepts statements are not required under GASB Statement 34 encourages the presentation of assets and liabilities based maturity. Changes in General fixed assets on the presentation of the governmental entity activities! E ) financial statements five-year lease is signed by the primary government net appreciation on available! Are no longer required, paragraph 8 ) earlier in this chapter, similar disclosure will... 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