DQ4: What is the purpose of CAFR? What are the components of CAFR? Why is the Federal Government not subject to GASB 34? How do government-wide financial statements add information not available in fund financial statements? Business - Accounting ACC 460 Week 1 Individual Assignment Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) Analysis Paper ACC 460 Week 2 Individual Assignment Ch. 1, 2, 3 Textbook Exercises ACC 460 Week 2
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Act of 1933 and the Securities Exchange Act of 1934, give the SEC authority to establish reporting and disclosure requirements. However, the SEC usually operates in an oversight capacity, allowing the FASB and the Governmental Accounting Standards Board (GASB) to establish these requirements. The GASB develops accounting standards for state and local governments. The current set of principles that accountants use rests upon some underlying assumptions. In addition to these concepts, there are other
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Chapter 07 Accounting for the Business-type Activities of State and Local Governments True / False Questions 1. | For proprietary funds, governments generally present a statement of net position in a format that displays assets, plus deferred outflows of resources, less liabilities, less deferred inflows of resources, equals net position. True False | 2. | Internal service funds of one government may not provide goods or services, on a cost-reimbursement basis, to other
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standard-setting structure composed of three organizations—the Financial Accounting Foundation (FAF), the Financial Accounting Standards Board (FASB) and the Financial Accounting Standards Advisory Council (FASAC) (2007, p. 8). The FASB mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public. The new FASB relied on
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The summary of current practices and thoughts relating to direct financing, sales type and operating leases in regards to lease types and structure by the Financial Accounting Standards Board (FASB). A lease is defined as a contractual agreement a lessor and a lessee. The lessor is the organization who owns the property or asset, in this situation trucks. The lessee is the company that wishes rent the asset, trucks, for specific amount of time. For accounting purposes, operating or capital
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auto-grading function. • Remember to SAVE frequently, because when the time limit is reached you will automatically be exited from the exam. • Please make a note of the Help Desk phone number: 800-594-2402. Multiple choice topics: • GAAP, GASB, FASB, AICPA roles • Measurement focus and basis of accounting • CAFR • Major funds • Nonexchange transactions • Budgetary accounts • Fund balance categories • Recording fixed (capital) assets • Tax Anticipation Note Payable • Capital projects
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regulate accounting standards: the Financial Accounting Standard Board (FASB) and International Accounting Standard Board (IASB). These two boards will help us to ensure if the information is done properly and are reported in a consistent way so that investors can determine what company is better to invest in. First, there will be an explanation of the relationship between the two boards and the IASB equivalents of the FASB original pronouncements. Finally, there will be an explanation of how the
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but record the transfer of financial resources for debt service purposes in a later period would be confusing and would result in overstatement of debt service fund expenditures and liabilities and understatement of the fund balance,” according to GASB standards. However, if the resources have been transferred in to the debt service fund, then interest may (it does not have to) be accrued. 4. Today, governments account for special assessments the same as they do other projects. Thus, the
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an audit. An example would be the inability to gather sufficient evidence to perform the audit. 16-5. Under what circumstances may an auditor express an unqualified opinion when the related financial statements contain a material departure from a FASB
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local levels all the same. The Financial Accounting Foundation is a private-sector organization. The fourth is Financial Accounting Standards Board or (FASB). The function of the Financial Accounting Standards Board is to make standards for nongovernmental financial accounting and reporting. The fifth is Governmental Accounting Standards Board or (GASB). The function of the Governmental Accounting Standards Board is to make generally accepted accounting principles for local and state governments. The
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