Gasb Statement 60

Today we will explore the exciting world of the GASB and the FASB. Two of the most exciting boards in the accounting world today. We will compare and contrast each of the boards to get a more in-depth look into how each of the boards operate. We will go thru their mission statements in order to get a sense of how they operate and what are their overall goals. Let’s get started!

This research paper will detail the modified accrual revenue recognition in State and Local Government (SLG) accounting. There will also be discussions on the guidance of governmental fund expenditure recognition, and how it is used in state and local governments. Certainly, there are differences between the fund and the government-wide financial statements, but there are some similarities. Within the paper, it will include the purpose as well as the content of the financial statements. While explaining the government-wide financial statements, the preparation using derived information in the conversion worksheets, will be presented. Lastly, in this research paper, I will explain the elements of a Comprehensive Annual Financial Report (CAFR).

Before diving directly into the article from the Governmental Accounting Standards Board (GASB) titled Governments to Report Liabilities Connected with Their Obligations to Clean Up Pollution (2006), one must first take a step back and take time to read, comprehend, and take to heart exactly what this organization stands for. Taken directly from their main web page under the tab labeled Education, the first thing seen in big, bold, blue letters is, “Due Process: The GASB Is Listening” followed by a definition of what listening means, “to hear with thoughtful attention”. When researching a little more into the GASB, it is easy to see how crucial listening truly is for them in order to fully accomplish their

ASC 470-10-25-2 “While the classification of the proceeds from the investor as debt or deferred income depends on the specific facts and circumstances of the transaction, the

GASB Statements and Interpretations, plus AICPA and FASB pronouncements if made applicable to state and local governments by a GASB Statement or Interpretation.

14. In which paragraph of the standard audit report does the auditor communicate to the user that certain combining fund information in the financial statements is not part of the basic financial statements, but that such information has been subjected to auditing procedures and, in his or her opinion, is fairly presented in all material respects in relation to the basic financial statements?

The Office of Financial Management provides vital information, fiscal services and policy support that the Governor, Legislature and state agencies need to serve the people of Washington State (Investopedia, 2010). Included in this briefing, a comparison of the governmental and for-profit financial accounting will be discussed, an understanding of the government reporting and reporting entity, and an overview of the Management Discussion & Analysis report for the state of Washington.

S718 states that a disclosure document to be used for an offer of securities must be lodged with ASIC.

financial statements” (Waxman, 2013, p. xiii). It is the purpose of this paper to discuss some of

Public Finance is the role of government in the economy. Transparency and accountability in government financial management is crucial. The reading, “Understanding New York City’s Budget” references that due to government spending of taxpayer money to operate various services, several checks and balances such as Audits, City Council Oversight, Mayor’s Management Report (MMR), and Program Evaluation were put in place for accountability. The adherence to policy, procedures, rules, regulations and laws are important when compliance and integrity is the goal.

31. The management's discussion and analysis (MD&A) required in general purpose federal financial reporting is different than that required by GASB of state and local governments in that:

The Board decided to require an entity to disclose the terms of any rights or privileges granted by a governmental entity directly to the reporting entity that have reduced, or may reduce, the entity’s income tax burden. The Board also made the decision to revise the carryforward disclosure requirement in Topic 740 for a public business entity. A public business entity would be required to disclose:

This paper will analyze these views as they apply to the discloser of segment information for public entities as required by topic 280 of the FASB accounting standards codification, and discussed in Statement of Financial Standards No. 131 (“SFAS 131). The paper is structured as follows: Section II provides an overview of the objective and general purpose of financial reporting and the qualitative characteristics off useful financial information as determined by the Financial Accounting Standards Board (“FASB”), section III introduces the concept of segment reporting and outlines the requirements for disclosures of segment information for public companies, section IV evaluates the relevance of

Accounting has two major systems in place to present information in the United States of America. The systems are GAAP; Generally Accepted Accounting Principles; and Income Tax Basis. The systems share a common goal; to make information easy to read and understand across the business

Concession is termed as the grant of rights by the government to the company. A concession differs from PSA as under concession the company is provided the rights in return of some service to the government. For LOL, if it agrees to the concession from the government, it will remain entitled to its entire interest and if it enters a PSA with the government, it will have to lose certain percentage of the extraction/production, which in earlier years might not be sufficient to recover its investment quickly. In both cases fee would have to be paid to the government.