Wiley GAAP for Governments 2004: Interpretation and Application of Generally Accepted Accounting Principles for State and Local Governments (Wiley Gaap for Governments)

The most practical, authoritative guide to governmental GAAP Wiley GAAP for Governments 2004 is a comprehensive guide to the accounting and financial reporting principles used by state and local governments as well as other governmental entities. Financial statement preparers, attestors, and readers will find its full coverage of authoritative accounting standards coupled with many examples, illustrations, and helpful practice hints extremely useful and user-friendly. Designed with the needs of the user in mind, a "New Developments" chapter keeps you informed of all of the important developments in governmental GAAP during the past year. A look ahead to the status of current and future Governmental Accounting Standards Board standards and projects provides information on the very latest in standard-setting activities and covers: GASB Statement No. 40 Deposit and Investment Risk Disclosures GASB Statement No. 41 Budgetary Comparison Schedules--Perspective Differences GASB Technical Bulletin No. 2003-1 Disclosure Requirements for Derivatives Not Reported at Fair Value on the Statement of Activities GASB Exposure Draft Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans GASB Exposure Draft Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions GASB Statement No. 42 Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries GASB Exposure Draft Economic Condition Reporting: The Statistical Section The latest GASB projects on pollution remediation liabilities, tobacco settlement accounting, and derivatives and hedging accounting Here are some other highlights of Wiley GAAP for Governments 2004: A streamlined format helps readers find what they need to know quickly A comprehensive financial statement disclosure checklist assists preparers and attestors in confirming that their disclosures are complete New accounting standards, including GASB 34, are fully integrated into the text, and examples are provided in the related chapters Wiley GAAP for Governments 2004 strives to be a thorough, reliable reference that you’ll use constantly. It’s designed to be kept on your desk rather than on your bookshelf. WILEY GAAP for Governments 2004......Page 3 CONTENTS......Page 7 PREFACE......Page 8 ABOUT THE AUTHOR......Page 10 1 New Developments......Page 11 2 Overview of Accounting and Financial Reporting by Governments......Page 41 3 Accounting Fundamentals—Fund Accounting Fundamentals and Basis of Accounting/Measurement Focus......Page 59 4 The Importance of Budgets to Governments......Page 80 5 Financial Statements Prepared by Governments......Page 92 6 Definition of the Reporting Entity......Page 139 7 General Fund and Special Revenue Funds......Page 173 8 Capital Projects Funds......Page 184 9 Debt Service Funds......Page 196 10 Proprietary Funds......Page 204 11 Fiduciary Funds......Page 222 12 Capital Assets......Page 228 13 Long-Term Obligations......Page 245 14 Nonexchange Transactions......Page 262 15 Cash and Investments—Valuation and Disclosures......Page 278 16 Accounting for Securities Lending Transactions......Page 298 17 Compensated Absence Accruals and Disclosures......Page 306 18 Employer’s Accounting for Pensions......Page 316 19 Accounting for Postemployment Benefits other than Pensions......Page 342 20 Interfund and Intra-Entity Transactions......Page 347 21 Risk Financing and Insurance-Related Activities/Public Entity Risk Pools......Page 352 22 Accounting for Leases......Page 380 23 Landfill Closure and Postclosure Care Costs......Page 397 24 Public Employee Retirement System Financial Statements......Page 406 25 Educational Institutions......Page 433 26 Other Governmental Entities......Page 442 Appendix: Disclosure Checklist......Page 450 Index......Page 469

A practical application guide to ensure governmental GAAP compliance

In applying Governmental GAAP (Generally Accepted Accounting Principles), state and local government officials face a potential maze of complexity. Wiley GAAP for Government 2004 addresses the latest material from the Government Accounting Standards Board and AICPA in straightforward language for practical application. Coverage includes much-needed analysis and clarification of statements, interpretations, and technical bulletins, as well as special consideration of school districts, public authorities, and individual pension plans. Written for use by practitioners, this book represents an up-to-date companion for implementing these new accounting pronouncements.

Warren Ruppel is the assistant comptroller responsible for the accounting and financial reporting for one of the largest cities in the country.

"Wiley GAAP (Generally Accepted Accounting Principles) for governments" consists of all the promulgated accounting principles applicable to financial accounting and reporting for state and local governments. The 2004 Government GAAP Guide incorporates all of the pronouncements issued by the Governmental Accounting Standards Board (GASB) through November 2003.