Audit and Accounting Guide: State and Local Governments 2018 (AICPA Audit and Accounting Guide)

With all the recent changes in state and local government audit and accounting, including changes to some of the more complex areas such as pensions and post-employment benefits other than pensions (OPEB), accountants and financial managers can't afford to be without the most current guidance. This authoritative guide provides complete coverage of audit and accounting considerations critical for both preparers and auditors. This edition includes two new schedules: Governmental Employer Participation in Single-Employer Plans: Illustrative Schedule of Pension Amounts and Report; and, Illustrative Notes to Schedule of Employer Allocations and Schedule of Pension Amounts. It also provides insights, comparisons, and best practices for financial reporting and the financial reporting entity, revenue and expense recognition, capital asset accounting, the elements of net position, accounting for fair value, municipal securities offerings, tax abatements and much more. Read more... Abstract: With all the recent changes in state and local government audit and accounting, including changes to some of the more complex areas such as pensions and post-employment benefits other than pensions (OPEB), accountants and financial managers can't afford to be without the most current guidance. This authoritative guide provides complete coverage of audit and accounting considerations critical for both preparers and auditors. This edition includes two new schedules: Governmental Employer Participation in Single-Employer Plans: Illustrative Schedule of Pension Amounts and Report; and, Illustrative Notes to Schedule of Employer Allocations and Schedule of Pension Amounts. It also provides insights, comparisons, and best practices for financial reporting and the financial reporting entity, revenue and expense recognition, capital asset accounting, the elements of net position, accounting for fair value, municipal securities offerings, tax abatements and much more Content: Intro Title page Copyright Preface Chapter 1 Overview and Introduction Scope and Purpose GAAP for State and Local Governments Applicable Auditing Standards and Requirements Guidance in Other AICPA Audit and Accounting Guides and Statements of Position Other Sources of Guidance Organization of This Guide Chapter 2 Financial Reporting Introduction and Overview Historical Perspective Governmental Financial Statements Management's Discussion and Analysis Government-Wide Financial Statements Fund Financial Statements Notes to the Financial Statements. Required Supplementary Information Other Than MD & ASpecial-Purpose Governments Other Financial Reporting Issues Other Information and Supplementary Information Prior-Period Comparative Financial Information Government Combinations and Disposals of Government Operations Fair Value Measurement General Principles of Fair Value Valuation Techniques Inputs to Valuation Techniques Fair Value Hierarchy Guidance for Fair Value Measurement in Special Circumstances Auditing Considerations Compliance Requirements Fund and Activity Classifications Major Funds Restricted Assets. Notes to the Financial StatementsRequired Supplementary Information, Supplementary Information, and Other Information Other Financial Reporting Considerations Accounting and Financial Reporting Alternatives Appendix A -- Accounting and Financial Reporting Alternatives in GASB Statement No. 34, as Amended Chapter 3 The Financial Reporting Entity Introduction GASB's Financial Reporting Entity Standards Definition of the Financial Reporting Entity Financial Statement Presentation Disclosures Other Financial Reporting Requirements Auditing Considerations Reporting Entity. Internal Control Over Financial ReportingAudit Procedures Separate Component Unit Auditor Presentation of Less Than a Complete Financial Reporting Entity Departures of Component Unit Information From GAAP Nongovernmental Component Unit Use of Private-Sector Standards Changes in the Financial Reporting Entity Other Component Unit Auditing Considerations Chapter 4 General Auditing Considerations Introduction General Principles and Responsibilities Overall Objectives Terms of Engagement Laws and Regulations Auditor's Communication With Those Charged With Governance. Communicating Internal Control Related MattersAuditor's Risk Assessment and Response to Assessed Audit Risk Planning an Audit Audit Strategy Understanding the Entity, Its Environment, and Its Internal Control Materiality in Planning and Performing an Audit GASB Guidance to Preparers on Materiality Determinations Auditor Materiality Determinations Performing Further Audit Procedures Related Parties and Transactions Group Audit Engagements Other Audit Considerations Subcontracting Arrangements Independence Requirements.