2011 Financial 9 Update - 2011 Financial 9 Update Financial...

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2011 Financial 9 Update Financial 9 Updates for 2011 Edition Last Updated March 8, 2011 SECTION A: TEXT AND LECTURE ERRATA Item A.1 Page F9-81, Task Based Simulation, Sample 3 The answer presented to Task Based Simulation Sample 3 on page F9-81 incorrectly values donated "Contributions – permanently restricted" as $95,000, the face value of the investment on the date of donation. Donated assets should be valued at their fair value at the date of donation ($89,000 in the case of this question) and then marked to market on the balance sheet date. The investment income included in the question is properly computed, in part, based on a comparison of the fair value of the security at the date of donation in comparison to the fair value at the balance sheet date. The task, as presented in the lecture, is also included in simulation homework (F9 Simulation, Not for Profit, task #3) The solution in the homework is correct. Item A.2 Page F9-40, Item C.1.c. Between the governmental activities . . . The page number reference at the end of the paragraph is incorrect and should be changed as follows (changes highlighted): The internal balances should be displayed as an internal balance on the face of each financial statement and aligned with each other to eliminate for purposes of total primary government financial statements (see example, page F9-16 14 ).
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This note was uploaded on 09/25/2011 for the course ACCOUNTING AC591 taught by Professor W during the Spring '11 term at Keller Graduate School of Management.

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2011 Financial 9 Update - 2011 Financial 9 Update Financial...

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