By Paul Copley
Copley’s necessities of Accounting for Governmental and Not-for-Profit companies, 10e is most suitable for these professors whose goal is to supply extra concise insurance than what's to be had in greater texts. the main target of this article is at the guidance of exterior monetary statements that is a problem between governmental reporting. The technique during this variation is the same to that utilized in perform. particularly, everyday occasions are recorded on the fund point utilizing the foundation of accounting for fund monetary statements. Governmental actions are recorded utilizing the transformed accrual foundation. The fund-basis statements are then used as enter within the education of government-wide statements. The guidance of government-wide statements is gifted in an Excel worksheet. This procedure has benefits: (1) it's the technique most typically utilized in perform, and (2) it really is an technique ordinary to scholars who've studied the method of consolidation of their complex accounting sessions. country and native executive reporting is illustrated utilizing an ongoing instance built-in all through Chapters three via eight and thirteen. This version comprises the entire FASB, GASB, GAO and AICPA pronouncements handed because the final version.
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Extra info for Essentials of Accounting for Governmental and Not-for-Profit Organizations, 10th Edition
A description of the types of transactions included in program revenues and the policy for allocating indirect expenses to functions (if applicable) in the statement of activities. • The policy for defining operating and nonoperating revenues of proprietary funds. • The policy for applying FASB pronouncements issued after November 30, 1989, to business-type activities and to enterprise funds of the primary government. • The definition of cash and cash equivalents used in the statement of cash flows for the proprietary funds.
Property taxes expected to be collected more than 60 days after year end are deferred in the governmental funds. indd 35 2/1/10 4:36:51 PM 36 Chapter 2 Example Comprehensive Annual Financial Report Financial Section: Basic Financial Statements Proprietary Funds Statements: Statement of Net Assets Proprietary Funds: Statement of Net Assets Illustration 2–9 presents a Statement of Net Assets for the proprietary funds. Again, major funds must be presented in separate columns. An enterprise fund is considered major if: (a) assets, liabilities, revenues, or expenses are 10 percent or more of the total for all enterprise funds, and (b) its assets, liabilities, revenues, or expenses are 5 percent or more of the total of the governmental and enterprise categories, combined.
GASB requires that operating revenues and expenses be reported first, followed by operating income or loss. Note that depreciation expense is separately displayed as an operating expense. Nonoperating revenues and expenses are reported after operating income. Interest revenue and expense are nonoperating. Capital contributions, additions to endowments, special and extraordinary items, and transfers appear after the nonoperating revenues and expenses. Capital contributions frequently represent contributions of capital assets by neighborhood and commercial property developers.