Financial Reporting - Various Items

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Author:
playboy35
ID:
132642
Filename:
Financial Reporting - Various Items
Updated:
2012-02-12 12:57:05
Tags:
CGfO budget
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Description:
Financial Reporting - Various Items
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  1. Odds & Ends
    nReporting entity

    –GAAP

    nStatement No. 14

    nStatement No. 39

    –Primary government

    nStates/local governments

    –General or special purpose

    nIncluding fiduciary funds

    –Component units

    Financial accountability
  2. Primary government is financially accountable for another organization if:
    It appoints a voting majority of the organization’s governing board AND

    It can either

    –Impose its will on that organization

    OR

    • –Potentially provide specific financial benefits to or
    • impose a financial burden on the other organization
  3. If a primary government does not appoint a majority of a govering boards members, it is financially accountable for another organization if the other organization:
    Is financially dependent on the primary government

    OR

    Hold economic resources entirely/almost entirely for the primary government

    AND

    The primary government is entitle to/has the ability to access a majority of economic resources being held by the other organization

    AND

    Resources being held are significant to the primary government.
  4. A joint venture is/has:
    • A contractual agreement
    • Joint control of assets
    • On-going financial relationship
    • Not a component unit
  5. Non exchange items include:
    Derived Taxes: Sales Tax, income tax, fuel tax

    Imposed non-exchange revenues: property taxes, fines

    Government mandated non-exchanged transactions: formula grants

    Voluntary non-exchange items: reimbursement grants and donations

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