Summary This Statement establishes financial reporting standards for state and local governments, including states, cities, towns, villages, and special-purpose governments such as school districts and public utilities.
Regarding potential disclosures of future lease payments of lessors, there were no objections to the proposed disclosures. Several factors were considered as the Board assessed whether intragovermental leases should be accounted for differently. While an organization needs to disclose all relevant information on financial statements, insignificant events need not be disclosed.
If you would like to submit an academic paper to the FASB to be considered in standard-setting activities, please send an email to academics fasb. Thus far several additional intragovernmental leasing matters have being raised and are being researched for Board discussion.
Summary of Statement No. Phase 3 governments are encouraged to report infrastructure retroactively, but may elect to report general infrastructure prospectively only. Make a Post-Closing Trial Balance A post-closing trial balance contains only the balance of debits and credits for permanent accounts.
Post Posting is the transfer of the debits and credits from the journal to the ledger.
Liquidity ratios show how liquid the organization is. By comparison, academic research examines how the accounting profession and financial reporting affect business and markets, and how business and markets affect the accounting profession and financial reporting at a more macro-level.
Staff is continuing preliminary research on the project by following the developments of the Financial Accounting Standards Board FASB and the International Accounting Standards Board lease project, conferring with the Governmental Accounting Standards Board, and gathering information from federal entities on their leasing activities.
January Lease Questionnaire PDF AugustBoard Meeting At its August meeting, the FASAB approved a plan to review existing lease accounting standards and to consider whether changes are needed to address the needs of the federal community and will include more comprehensive standards on federal leasing activities than the existing standards.
The net assets of a government should be reported in three categories—invested in capital assets net of related debt, restricted, and unrestricted. Five federal entities noted enhanced use lease EUL activities Staff noted that the responses highlight the need for comprehensive lease accounting standards for the federal government, especially now since FASB is actively working to modify its current lease standards.
When a transaction affects both revenues and expenses, the effect on financial statements should occur in the same accounting period.
Make an Unadjusted Trial Balance A list of all accounts and their balances at a point in time is called a trial balance. The GSA representatives provided the Board with an excellent presentation on federal leases and occupancy agreements.
Cash Flow Categories Another difference that affects the statement involves the number of allowable cash-flow reporting categories. Return on Common Equity is a similar ratio but uses average common stockholders' equity.
Tentatively, the Board agreed that intragovernmental leases should be accounted for differently than leases between federal entities and non-federal entities.Governmental Accounting Standards Board GASB and Financial Accounting Standards Board FASB Analysis Paper Accountants or.
2 About the Author SUSAN S. K. LEE Susan Lee has worked at the Federal Aviation Administration sinceserving as the Special Assistant to the Chief Financial Officer and later the Special Projects Officer to. GASB and FASB Analysis Paper By Jennifer R Carlson ACC Kelly Chamberlain March 6, The Governmental Accounting Standards Board (GASB) is the board that "sets the accounting and financial reporting standards for.
Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including general purpose governments, public benefit corporations and authorities, and public employee retirement systems, utilities, hospitals and other healthcare providers, and colleges and universities.
UNF Division of Continuing Education. The University of North Florida knows how to bring out the best in every student, whether you are preparing for graduate school, seeking certification, looking for advancement, changing careers or just taking courses for the pure enjoyment of learning.
GASB and FASB Analysis Paper By Jennifer R Carlson ACC Kelly Chamberlain March 6, The Governmental Accounting Standards Board (GASB) is the board that "sets the accounting and financial reporting standards for state and local governments, whereas the Financial Accounting Standards Board (FASB) is the .Download