ch18 - Jeter_int_Ch18_851-927hr.qxd 16-11-2009 9:05 Page...

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851 1 Quoted in Saturday Review . From The Merriam-Webster Dictionary of Quotations , Merriam-Webster, Inc., 1996; Infopedia , SoftKey Multimedia Inc., 1996. INTRODUCTION TO ACCOUNTING FOR STATE AND LOCAL GOVERNMENTAL UNITS LEARNING OBJECTIVES 1 Identify the issues involved in developing standards for nonprofit organizations. 2 Describe the broad categories of government fund entities. 3 Distinguish between a general fund and a special revenue fund. 4 Explain the use of a capital projects fund. 5 Describe the purpose of a debt service fund. 6 Explain the use of a permanent fund. 7 Distinguish proprietary funds from government funds. 8 Describe where capital assets and long-term obligations are reported in government financial statements. 9 Describe the changes in reporting requirements under GASB Statement No. 34 . 10 Explain the benefits of government-wide statements. 11 Describe the types of interfund activities. “I don’t make jokes—I just watch the government and report the facts.” Will Rogers 1 The lifestyles and well-being of all people are significantly affected by the activities of both profit-oriented enterprises and nonbusiness organizations. Of these, proba- bly none is more important and pervasive in its impact on our daily lives than gov- ernment. Today there are more than 70 thousand state and local governmental units, which employ more than 20 million people and collect annual revenues in excess of 500 billion dollars. The well-publicized problems of some city governments have at- tracted great interest and concern in the past. These problems focused attention IN THE NEWS 18 Jeter_int_Ch18_851-927hr.qxd 16-11-2009 9:05 Page 851
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852 Chapter 18 Introduction to Accounting for State and Local Governmental Units 2 “The GASB’s New Financial Reporting Model: An Overview for Finance Officers,” July 1999, Govern- ment Finance Officers Association. 3 Governmental Accounting Standards Board, Statement No. 34 , “Basic Financial Statements—and Man- agement’s Discussion and Analysis—for State and Local Governments.” (Financial Accounting Founda- tion and Government Accounting Standards Board: Norwalk, CT, 1999). 4 Major funds as defined by the GASB are discussed later in this chapter. 5 The Government Accountants Journal , Spring 2000, “GFOA Missed the Mark” by Edward Gomeau, p. 21. on the need for (among other things) adequate accounting and financial reporting practices by cities and other governmental units as a basis for evaluating the extent of such problems and potential solutions. Governments traditionally have focused their reporting on groupings of ‘funds’ rather than on the government ‘taken as a whole.’ The newer financial reporting model retains this traditional focus on funds, but at the same time insists that fund financial statements be accompanied for the first time by financial statements that focus on the overall government (i.e., ‘government-wide’ financial statements).” 2 As a consequence, the Governmental Accounting Standards Board (GASB)
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This note was uploaded on 01/28/2011 for the course ACCY 593 taught by Professor Staff during the Fall '08 term at University of Illinois, Urbana Champaign.

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ch18 - Jeter_int_Ch18_851-927hr.qxd 16-11-2009 9:05 Page...

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