Governmental Accounting

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Governmental Accounting

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1)Operational Accountability
2)Fiscal Accountability

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Operational Accountability

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demonstrated by gov't wide financial statements which illustrate how effective the org has been at using its resources.

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Fiscal Accountability

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illustrated by fund financial statements which show the org's compliance with laws and regulations affecting its spending activities.

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Integrated Approach

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refers to the fact that the govt fin. statements show operational and and fiscal accountability and the relationship between the two. Requires a reconciliation between the gov't wide fin. statements and the fund fin. statements.

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GASB minimum required
5 Bullets

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1)Management's Discussion and Analysis(Required Supplementary Information
2)Government Wide Financial Statements
3)Fund Financial Statements
4)Notes to Financial Statements
5)Required Supplementary Information

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Government Wide Financial Statements

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1)Statement of Net Assets
2)Statement of Activities

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Fund Financial Statements

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1)Government Funds
2)Proprietary Funds
3)Fiduciary Funds

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Required Supplementary Information other than Management's Discussion and Analysis

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1)Schedule of Funding Progress
2)Schedule of Employer Contributons
3)Budgetary Comparison Schedules
4)Information about Infrastructure Assets
5)Claims Development Information

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Governmental Funds
(Modified Accrual Basis)

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1)Balance Sheet
2)Statement of Revenues, Expenditures, and Changes in Fund Balances

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Proprietary Funds
(Accrual Basis)

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1)Statement of Net Assets
2)Statement of Revenues, Expenses, and Changes in Fund Net Assets
3)Statement of Cash Flows

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Fiduciary Funds
(Accrual Basis)

Back 11

1)Statement of Fiduciary Net Assets
2)Statement of Changes in Fiduciary Net Assets

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Comprehensive Annual Financial Report

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1)Introductory Section
2)Financial Section
3)Statisitical Section

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Intro Section

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letter of transimittal, org chart, and list of principal officials

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Financial section

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auditor's report, and required information

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Statistical Section

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net assets by component, changes in net assets, demographics, and economic statistics.

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Special Purpose Governments

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includes park districts, tollway authorities, school districts, and sanitation districts.

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Component Unit

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a legally separate org for which the elected officials of a primary govt are financially accountable. Ex. School Board.

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Discretely Presented

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Reported in a separate column off to the right of govt wide financial statements.

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Blended

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Component units are presented with the primary component figures because the activities are "INDISTINGUISHABLE"

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Fundraising Org

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whose primary purpose is to raise or hold sig resources for the benefit of a govt unit shoud be reported as a component unit.

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Mgt's Discussion and Analysis
(Required Supplementary Information)

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overview of govts financial activities
1)Discussion of fin. statements
2)Analysis of variations between budgets
3)Description of any known facts that would affect the govt financial position

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Government Wide Financial Statements
(Accrual Basis)

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includes
1)Statement of Net Assets
2)Statement of Activities

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Statement of Net Assets
(Full Accrual accounting)

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a type of balance sheet. Assets-Liabilites=Net Assets is used.

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3 Categories of Net Assets

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1)Inveested in Capital Assets
2)Restricted
3)Unrestricted

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Invested in Capital Assetsn net of related debt calcuation

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Value of capital assets-accumulated depreciation-debt associated with capital assets acquisition

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Restricted

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1)externally imposed by creditors
2)imposed by law

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Unrestriced Net Assets

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is a "plug" figure. Total Net Assets-invested in capital assets, net of related debt and the restricted net assets.

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Columns of Statement of Net Assets

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1)Governmental Activities
2)Business Type
3)Total Primary Govt
4)Component Units

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Statement of Activities
(Accrual Basis)

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reports revenues and expenses

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Fund Financial Statements

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Fund accounting is used internally and to prepare govt wide financial statements with worksheet adjustments

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Restricted Net Assets

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externally imposed by creditors

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Unrestricted Net Assets

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is a "plug" figure computed by taking the total net assets and subtracting the invested in capital assets, net of related debt and the restricted net assets

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Statement of Activiites
(Accrual Basis)

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reports revenues and expenses on the full accrual basis. Expenses are reported by function

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Fund Financial Statements

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Most govts use fund accounting internally and prepare the govt wide statements with worksheet adjustments from this fund accounting base.

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3 Categories of Fund Types

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1)Governmental Funds
2)Proprietary Funds
3)Fiduciary Funds

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Governmental Funds
(Modified Accrual Basis)

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1)General
2)Special Revenue
3)Debt Service
4)Capital Projects
5)Permanent

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Proprietary Funds
(Accrual Basis)

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1)Internal Service
2)Enterprise

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Fiduciary Funds
(Accrual Basis)

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1)Agency
2)Pension and other employee benefit trust funds
3)Investement Trust Funds
4)Private Purpose Trust Funds

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General Fund

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account for all financial resources except those required to be accounted for in another fund.

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Special Revenue Funds

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account for specificf revenue sources tht are legally restricted to expenditure for specified current purposes. Ex:Motor Vehicle Fuel Taxes

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Debt Service fund

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account for the accumulation of resources for and the payment of genral long term debt AND INTEREST.

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Capital Project Funds

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account for financial resources to be used for the acquisition or construction of major capital facilities.

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Permanent Funds

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are used to report resources that are legally restricted to the extent that only earnings, and not principal may be used to support govt programs.

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2 Governmental Fund Financial Statements are Required

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1)Balance Sheet
2)Statement of Revenues, Expenditures, and Changes in Fund Balances

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Proprietary Funds
(Accrual Basis)

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focus on total economic resources, income determination, and cash flow presentation.

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Internal Service Funds

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report any activity that provides goods or services to other funds of the primary govt on a cost reimbursement basis. Ex: Self Insurance

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Enterprise Funds

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may be used to provide goods or services to external users for a fee. Ex: Water Utilities

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3 Statements Requred for Proprietary Funds

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1)Statement of Net Assets
2)Statement of Revenues, Expenses, and Changes in Net Assets,
3)Statement of Cash FLows

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GASB Statement of Cash Flows

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1)Only direct method is acceptable, and reconciliation is required.

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4 Categories of GASB Cash Flow Statement

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1)Operating
2)Noncapital Financing
3)Capital and Related FInancing
4)Investing

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Fiduciary Funds
(Accrual Basis)

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fin stat provide info based on the economic measurement focus and Accrual Accounting

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2 Fiduciary Fund Statements

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1)Statement of Fiduciary Net Assets
2)Statement of Changes in Fiduciary Net Assets

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Pension Trust Funds

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account for funds held in trust for the payment of employee retirement and other benefits.

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Investment Trust Funds

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are used to report the external portions of investment pools, when the reporting govt is trustee

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Private Purpose Trust Funds

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should be used to report all other trust arrangements where the principal and income benefit individuals, private org's. etc.

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Agency FUnds

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report resources held by the reporting govt in a purely custodial capacity.

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Economic Resources Measurement Focus

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Uses Accrual basis.

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Current Financial Resources Measurement Focus

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Uses modified accrual basis

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4 Categories of Non Exchange Transactions

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1)Derived Tax Revenues
2)Imposed Nonexchange Revenues
3)Govt Mandated Nonexchange Transactions
4)Voluntary Nonexchange Transactions

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Derived Tax Revenues

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Sales Taxes, Income Taxes, Motro Fuel taxes, payrolll taxes

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Imposed Nonexchange Transactions

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Property Taxes, and fines.

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Government Mandated Nonexchange Transactions

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a state may require school districts to "mainstream" certain children by including them in regular classes and to provide extra aides.

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Voluntary Nonexchange Transactions

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a state provides a grant for new technology for school districts but does not require those districts to accept the grant or utilize that technology.