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| Preface | |
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| Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations | |
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| Generally Accepted Accounting Principles | |
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| Sources of Generally Accepted Accounting Principles | |
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| Definition of Government | |
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| Objectives of Accounting and Financial Reporting | |
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| Objectives of Accounting and Financial Reporting for the Federal Government | |
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| Objectives of Financial Reporting by Not-for-Profit Entities | |
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| Objectives of Accounting and Financial Reporting for State and Local Governmental Units | |
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| State and Local Government Financial Reporting | |
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| Comprehensive Annual Financial Report | |
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| Measurement Focus and Basis of Accounting | |
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| Fund Structure for State and Local Government Accounting and Reporting | |
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| Number of Funds Required | |
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| Budgetary Accounting | |
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| Overview of Financial Reporting for State and Local Governments | |
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| The Governmental Reporting Entity | |
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| Reporting by Major Funds | |
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| Overview of the Comprehensive Annual Financial Report (CAFR) | |
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| Introductory Section | |
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| Financial Section: Auditor's Report | |
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| Management's Discussion and Analysis (MD&A) | |
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| Statement of Net Assets | |
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| Government-wide Statement of Activities | |
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| Governmental Funds: Balance Sheet | |
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| Governmental Funds: Statement of Revenues, Expenditures, and Changes in Fund Balance | |
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| Proprietary Funds: Statement of Net Assets | |
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| Proprietary Funds: Statement of Revenues, Expenses, and Changes in Fund Net Assets | |
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| Proprietary Funds: Statement of Cash Flows | |
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| Fiduciary: Statement of Fiduciary Net Assets | |
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| Fiduciary: Statement of Changes in Fiduciary Net Assets | |
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| Notes to the Financial Statements | |
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| Required Supplementary Information Other Than MD&A | |
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| Combining Statements | |
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| Statistical Information | |
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| Special-Purpose Governments | |
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| Public Colleges and Universities | |
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| Other Governmental Not-For-Profit Organizations | |
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| Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority | |
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| Modified Accrual Accounts | |
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| Balance Sheet Accounts | |
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| Financial Statement Activity Accounts | |
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| Budgetary Accounts | |
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| Expenditure Cycle | |
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| Revenue Recognition for Nonexchange Transactions | |
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| Summary | |
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| Appendix: Budgetary Accounting Illustrated | |
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| Budgets and Budgetary Accounts | |
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| Recording the Budget | |
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| Accounting for Revenues | |
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| Accounting for Encumbrances and Expenditures | |
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| Budget Revisions | |
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| Budgetary Comparison Schedule | |
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| Classification of Estimated Revenues and Revenues | |
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| Classification of Appropriations and Expenditures | |
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| Accounting for the General and Special Revenue Funds | |
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| Overview of Modified Accrual Accounting | |
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| Interfund Transactions | |
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| Interfund Loans | |
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| Interfund Services Provided and Used | |
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| Interfund Transfers | |
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| Interfund Reimbursements | |
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| Illustrative Case-General Fund | |
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| Use of Budgetary Accounts | |
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| Recording the Budget | |
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| Re-establishment of Encumbrances | |
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| Recording Prior-Year Property Taxes as Revenues | |
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| Tax Anticipation Notes Payable | |
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| Payment of Liabilities as Recorded | |
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| Encumbrance Entry | |
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| Recording Property Tax Levy | |
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| Collection of Delinquent Taxes | |
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| Collection of Current Taxes | |
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| Other Revenues | |
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| Repayment of Tax Anticipation Notes | |
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| Recognition of Expenditures for Encumbered Items | |
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| Payrolls and Payroll Taxes | |
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| Payment on Account and Other Items | |
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| Correction of Errors | |
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| Amendment of the Budget | |
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| Interfund Transactions | |
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| Write-off of Uncollectible Delinquent Taxes | |
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| Reclassification of Current Taxes | |
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| Accrual of Interest and Penalties | |
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| Deferral of Property Tax Revenue | |
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| Special Item | |
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| Preclosing Trial Balance | |
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| Closing Entries | |
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| Year-End Financial Statements | |
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| Illustrative Case-Special Revenue Fund | |
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| Motor Fuel Tax Revenues | |
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| Expenditures for Road Repairs | |
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| Reimbursement to General Fund | |
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| Reimbursement Grant Accounting | |
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| Closing Entry | |
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| Year-End Financial Statements | |
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| Recognition of Inventories in Governmental Funds | |
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| Summary | |
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| Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent | |
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| Capital Projects Funds | |
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| Illustrative Case | |
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| Other Issues Involving Acquisition of Capital Assets | |
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| Acquisition of General Fixed Assets by Lease Agreements | |
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| Construction of General Fixed Assets Financed by Special Assessment Debt | |
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| Debt Service Funds | |
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| The Modified Accrual Basis-As Applied to Debt Service Funds | |
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| Additional Uses of Debt Service Funds | |
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| Debt Service Accounting for Serial Bonds | |
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| Illustrative Case-Regular Serial Bonds | |
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| Other Issues Involving Payment of Long-Term Debt | |
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| Debt Service Accounting for Deferred Serial Bonds | |
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| Debt Service Accounting for Term Bonds | |
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| Debt Service Accounting for Capital Lease Payments | |
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| Bond Refundings | |
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| Permanent Funds | |
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| Financial Reporting for Governmental Funds | |
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| Balance Sheet-Governmental Funds | |
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| Statement of Revenues, Expenditures, and Changes in Fund Balances-Governmental Funds | |
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| Summary | |
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| Proprietary Funds | |
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| Internal Service Funds | |
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| Establishment and Operation of Internal Service Funds | |
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| Illustrative Case-Supplies Fund | |
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| Other Issues Involving Internal Service Funds | |
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| Risk Management Activities | |
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| Implications for Other Funds | |
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| Enterprise Funds | |
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| Illustrative Case-Water Utility Fund | |
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| Proprietary Fund Financial Statements | |
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| Statement of Net Assets | |
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| Statement of Revenues, Expenses, and Changes in Fund Net Assets | |
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| Statement of Cash Flows | |
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| Accounting for Municipal Solid Waste Landfills | |
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| Pollution Remediation Costs | |
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| Summary | |
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| Fiduciary (Trust) Funds | |
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| Agency Funds | |
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| Tax Agency Funds | |
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| Accounting for Tax Agency Funds | |
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| Financial Reporting for Agency Funds | |
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| Private-Purpose Trust Funds | |
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| Accounting for Investments | |
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| Illustrative Case-Private-Purpose Trust Funds | |
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| A Note about Escheat Property | |
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| Investment Trust Funds | |
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| Public Employee Retirement Systems (Pension Trust Funds) | |
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| Accounting and Reporting for Defined Benefit Pension Plans | |
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| A Note about Other Postemployment Benefits | |
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| Summary of Employer Reporting | |
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| A Note about IRS 457 Deferred Compensation Plans | |
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| A Final Comment on Fund Accounting and Reporting | |
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| Government-Wide Statements, Capital Assets, Long-Term Debt | |
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| Conversion from Fund Financial Records to Government-wide Financial Statements | |
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| Capital Asset-Related Entries | |
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| Long-Term Debt-Related Entries | |
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| Adjusting to Convert Revenue Recognition to the Accrual Basis | |
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| Adjusting Expenses to the Accrual Basis | |
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| Adding Internal Service Funds to Governmental Activities | |
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| Eliminating Interfund Activities and Balances within Governmental Activities | |
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| Worksheet to Illustrate the Adjustments | |
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| Government-wide Financial Statements | |
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| Statement of Net Assets | |
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| Statement of Activities | |
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| Required Reconciliation to Government-wide Statements | |
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| Summary | |
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| Appendix: Accounting for Capital Assets and Long-Term Debt in Governmental Activities | |
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| Accounting for General Capital Assets, Including Infrastructure | |
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| The Modified Approach for Reporting Infrastructure | |
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| Collections | |
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| Asset Impairment | |
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| Accounting for Long-Term Debt | |
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| Types of General Long-Term Debt | |
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| Debt Disclosures and Schedules | |
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| Accounting for Special-Purpose Entities, Including Public Colleges and Universities | |
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| GASB Statement 34 Reporting Rules for Special-Purpose Entities | |
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| Reporting by Special-Purpose Local Governments Engaged in Governmental Activities | |
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| Reporting by Special-Purpose Local Governments Engaged Only in Business-type Activities | |
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| Reporting by Special-Purpose Local Governments Engaged Only in Fiduciary-type Activities | |
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| Accounting and Financial Reporting for Public Colleges and Universities | |
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| The Environment of Public Higher Education | |
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| Accounting and Financial Reporting for Public Institutions of Higher Education | |
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| Illustrative Case-Northern State University-Beginning Trial Balance | |
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| Illustrative Case-Journal Entries | |
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| Illustrative Case-Closing Entries | |
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| Illustrative Case-Financial Statements | |
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| Summary | |
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| Accounting for Private Not-For-Profit Organizations | |
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| Organizations Covered in this Chapter | |
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| Overview of Not-For-Profit Accounting | |
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| Three Classes of Net Assets | |
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| Financial Reporting | |
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| Note Disclosures | |
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| Accounting for Contributions, Including Reclassifications of Net Assets | |
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| Reporting of Expenses and Assets | |
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| Special Topics: Accounting for Contributions | |
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| Illustrative Transactions and Financial Statements | |
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| Beginning Trial Balance | |
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| Transactions | |
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| Financial Statements | |
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| Alternative Procedure for Recording Fixed Assets | |
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| Performance Evaluation | |
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| Mergers and Acquisitions | |
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| Summary of Not-For-Profit Accounting and Reporting | |
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| College and University Accounting-Private Institutions | |
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| Overview of Private College and University Accounting | |
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| Financial Statements | |
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| Net Asset Classification | |
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| Revenue Reduction versus Expenses | |
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| Academic Terms Encompassing More Than One Fiscal Year | |
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| Expenses | |
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| Other Accounting Guidance | |
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| Illustrative Transactions and Financial Statements | |
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| Illustrative Transactions | |
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| Illustrative Financial Statements for Private Colleges and Universities | |
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| Split-Interest Agreements | |
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| Summary-Private College and University Reporting | |
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| Accounting for Hospitals and Other Health Care Providers | |
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| Accounting and Reporting Requirements of the Health Care Guide | |
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| Financial Statements | |
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| Revenues | |
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| Classifications | |
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| Illustrative Transactions and Financial Statements | |
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| Beginning Trial Balance | |
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| Illustrative Statements for Private Sector Not-for-Profit Health Care Entities | |
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| Financial Reporting for Governmental Health Care Entities | |
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| Financial Reporting for Commercial (For-Profit) Health Care Entities | |
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| Summary and Conclusions Regarding Health Care Accounting and Reporting | |
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| Auditing, Tax-Exempt Organizations, and Evaluating Performance | |
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| Governmental Auditing | |
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| The Single Audit Act and Amendments | |
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| The Sarbanes-Oxley Act | |
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| Tax-Exempt Organizations | |
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| Applying for Tax-Exempt Status | |
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| Federal Filing Requirements | |
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| State Filing Requirements | |
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| Unrelated Business Income Tax (UBIT) | |
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| IRS Oversight | |
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| Summary and Some Conclusions Related to Exempt Entities | |
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| Evaluating Performance | |
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| Analysis of Not-for-Profit Organization Financial Statements | |
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| Analysis of State and Local Government Financial Statements | |
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| Service Efforts and Accomplishments Reporting | |
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| Financial Reporting by the Federal Government | |
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| Federal Government Accounting Standards | |
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| Financial Reporting by Federal Agencies | |
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| Balance Sheet | |
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| Statement of Net Cost | |
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| Statement of Changes in Net Position | |
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| Statement of Budgetary Resources | |
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| Statement of Custodial Activity | |
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| Consolidated Financial Report of the U.S. Government | |
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| Budgetary and Proprietary Accounting | |
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| Budgetary Accounts | |
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| Proprietary Accounts | |
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| Summary of Federal Government Reporting | |
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| Appendix: Illustrative Example | |
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| Glossary: Governmental and Not-for-Profit Accounting Terminology | |
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| Index | |