{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Cumulative_Update_Bulletin_15e

Cumulative_Update_Bulletin_15e - Cumulative Update Bulletin...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Cumulative Update Bulletin September 2008 through August 2011 Accounting for Governmental and Nonprofit Entities, 15e Wilson, Reck, and Kattelus This cumulative update bulletin updates our text for all developments and technical changes in GAAP that have occurred since the cut-off date for inclusion in the 15 th edition of the text, August 2008. As such, this bulletin further updates the Cumulative Update Bulletin released in fall 2010 for changes that have occurred over the past year. In addition, the update bulletin provides tips and information that may be useful to those currently using our text. State and Local Governmental Accounting & Financial Reporting (Chs. 1-10) Since the cutoff date for the 15 th edition of the text, the GASB has issued Statement Nos. 54 through 64 , Concepts Statement No. 5 , a technical bulletin, and several exposure drafts of proposed statements. Of these pronouncements, only GASBS 54 , “Fund Balance Reporting and Governmental Fund Type, GASBS 61 “The Financial Reporting Entity: Omnibus—an amendment of GASB Statements No. 14 and No. 34, and GASBS 63 , “Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position” significantly affect the text. Because these three pronouncements do significantly impact coverage in the text, instructors should thoroughly familiarize themselves with these statements. To assist in this regard, a discussion is provided below for the effects of GASBS 54 , GASBS 61 , and GASBS 63 , as well as a short synopsis for the other pronouncements: GASBS 64 “Derivative Instruments: Application of Hedge Accounting Termination Provisions” (June 2011). This statement clarifies for swap agreements that a hedge relationship continues to exist if a swap counterparty or counterparty credit support provider is replaced. Accordingly, hedge accounting should continue to be applied rather than terminating the hedge and hedge accounting. This guidance became necessary when questions were raised regarding the applicability of termination provisions for interest rate and commodity swap agreements under GASBS 53 , “Accounting and Financial Reporting for Derivative Instruments.” GASBS 63 “Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position” (June 2011). This statement provides citizens and other users of state and local government financial reports with improved information about how past transactions will impact a government’s financial statements in the future. It does so by providing a new statement of net position format to report all assets, deferred outflows of 1
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
resources, liabilities, deferred inflows of resources, and net position (which is the net residual amount of the other elements; specifically, net position is the difference between (1) assets and deferred outflows of resources and (2) liabilities and deferred inflows of resources. The statement requires that deferred outflows of resources and deferred inflows of resources be reported separately from assets and liabilities.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern