Wiley GAAP for Governments 2019

2FOUNDATIONS OF GOVERNMENTAL ACCOUNTING

• Introduction
• Chapter Overview
• Entities Covered by Governmental Accounting Principles
  • Distinguishing a Governmental Entity from a Not‐for‐Profit Organization
• Overview of the History of Governmental Accounting Standards Setting
• Objectives of Governmental Accounting and Financial Reporting
  • GASB Concepts Statement 1
  • Primary Characteristics of a Government’s Structure and the Services It Provides
  • Control Characteristics Resulting from a Government’s Structure
• Objectives of Financial Reporting
• Communication Methods
  • Concepts Statement 3—Communication Methods in General‐Purpose External Financial Reports that Contain Basic Financial Statements
• Elements of Financial Statements
  • Measurement of Elements of Financial Statements
• Hierarchy of Governmental Accounting Standards
  • GAAP Hierarchy for Governments
• Codification of Certain FASB and AICPA Accounting and Financial Reporting Guidance
• Summary

INTRODUCTION

The field of governmental accounting and financial reporting has undergone significant growth and development over the last 30 years. Generally accepted accounting principles for governments were once a loosely defined set of guidelines followed by some governments and governmental entities, but now have developed into highly specialized standards used in financial reporting by an increasing number of these entities. Because of this standardization, users are able to place additional reliance on these entities’ financial statements. ...