Details

<p>Preface ix</p> <p><b>Chapter 1 Introduction and Background 1</b></p> <p>What Are Generally Accepted Accounting Principles? 1</p> <p>Who Sets Generally Accepted Accounting Principles for Governments? 5</p> <p>Do Governments Need to Comply with Generally Accepted Accounting Principles? 9</p> <p>Why Is Governmental Accounting and Financial Reporting Different from Commercial and Not-for-Profit Accounting and Financial Reporting? 10</p> <p>To What Entities Do Governmental Generally Accepted Accounting Principles Apply? 15</p> <p><b>Chapter 2 Basic Governmental Accounting Concepts 19</b></p> <p>Understanding the Different Bases of Accounting 20</p> <p>Understanding What Measurement Focuses Are Used by Governments 26</p> <p>Defining and Understanding the Nature of Assets 29</p> <p>Defining and Understanding the Nature of Liabilities 43</p> <p>Defining and Understanding the Nature of Net Assets 49</p> <p><b>Chapter 3 Understanding Fund Accounting 55</b></p> <p>Fund Fundamentals 56</p> <p>Governmental Funds 58</p> <p>Proprietary Funds 75</p> <p>Fiduciary Funds 82</p> <p><b>Chapter 4 Basics of Governmental Financial Statements 89</b></p> <p>General-Purpose Financial Statements 90</p> <p>Management’s Discussion and Analysis 90</p> <p>The Basic Financial Statements 94</p> <p>Required Supplementary Information 137</p> <p>Comprehensive Annual Financial Report 139</p> <p><b>Chapter 5 Understanding the Reporting Entity 147</b></p> <p>Background 148</p> <p>Accountability Focus 149</p> <p>Financial Reporting Entity Defined 150</p> <p>Display of Component Units 161</p> <p><b>Chapter 6 Revenues from Nonexchange Transactions 169</b></p> <p>Classes of Nonexchange Transactions 170</p> <p>Accounting Requirements 172</p> <p>Property Taxes 175</p> <p>Income and Sales Taxes, and Other Derived Tax Revenues 177</p> <p>Adjustments for the Accrual Basis of Accounting 180</p> <p>Grants and Other Financial Assistance 182</p> <p><b>Chapter 7 Capital Assets 187</b></p> <p>Where Are Capital Assets Recorded in the Financial Statements? 188</p> <p>Recording and Valuing Capital Assets 189</p> <p>Understanding Depreciation 193</p> <p>Using the Modified Approach in Lieu of Depreciating Infrastructure Assets 197</p> <p>The Basics of Capitalized Interest 200</p> <p>Capital Assets Resulting from Capital Lease Transactions 206</p> <p>Intangible Assets 215</p> <p>Impairments of Capital Assets 217</p> <p><b>Chapter 8 Accounting for Pensions and Other Postemployment Benefits 225</b></p> <p>Requirements for Defined Benefit Pension and OPEB Plans 229</p> <p>Calculation of the ARC 232</p> <p>Parameters for Actuarial Calculations, Including the ARC 233</p> <p>Net Pension or OPEB Obligation 242</p> <p>Recording Pension- and OPEB-Related Assets, Liabilities, and Expenditures/Expenses 243</p> <p>Pension and OPEB Disclosures 245</p> <p>Employers with Defined Contribution Plans 246</p> <p><b>Chapter 9 Sundry Accounting Topics 249</b></p> <p>Accounting for Investments 249</p> <p>Reporting Unrealized Gains or Losses 252</p> <p>Investment and Deposit Disclosures 253</p> <p>Compensated Absence Accruals 255</p> <p>Landfill Closure and Postclosure Care Costs 262</p> <p>Derivatives, Including Interest Rate Swaps 269</p> <p>Securities Lending Transactions 281</p> <p><b>Chapter 10 Upcoming Developments in Governmental Accounting 287</b></p> <p>Pension (and OPEB) Accounting—Revisited 288</p> <p>Index 293</p>

<p><b>WARREN RUPPEL, CPA,</b> is the author of four Wiley accounting publications, including <i>Wiley GAAP for Governments</i>. He is a partner in the Nonprofit and Government Services Group of Marks Paneth & Shron LLP in New York. He began his career at KPMG in 1979 and joined Deloitte & Touche in 1989 to specialize in audits of not-for-profit organizations and governments. Mr. Ruppel has served as the chief financial officer of an international not-for-profit organization and as the Assistant Comptroller for Accounting of The City of New York, where he was responsible for all aspects of the City’s accounting and financial reporting.</p>

<p>For laypeople and accountants with little or no governmental accounting experience, <i>Governmental Accounting Made Easy, Second Edition</i> is a complete and easy-to-use road map to a broad range of governmental accounting topics, and how these individual aspects of governmental accounting work together under the financial reporting model for governments adopted by the Governmental Accounting Standards Board.</p> <p>Read, interpret, and analyze governmental financial statements—<i>Governmental Accounting Made Easy, Second Edition</i> explains everything you need to know. With an entirely new chapter on accounting for OPEB benefits, the <i>Second Edition</i> offers just-the-basics coverage of: <ul><li>Basic accounting concepts underlying all governmental accounting and financial reporting</li> <li>Basic financial statements prepared by governments, including government-wide financial statements and fund financial statements</li> <li>Note disclosures that accompany governmental financial statements</li> <li>Complicated accounting issues commonly found in governmental financial statements</li> <li>Background and definition for understanding the reporting entity</li> <li>Accounting requirements for revenues from non-exchange transactions</li> <li>Recording and valuing capital assets</li></ul> <p>Now with new coverage of accounting for pollution remediation obligations, asset impairment, and asset classification, as well as revised and expanded discussion of pension reporting and sales and pledges of receivables and future revenues, <i>Governmental Accounting Made Easy, Second Edition</i> is the most helpful single-source reference you will find. <p>Whether you are a manager, budget preparer, state legislator, comptroller, lawyer, bond counsel, underwriter of municipal bonds, rating agency employee, bond insurer, contractor, or a member of a school board or city council—<i>Governmental Accounting Made Easy, Second Edition</i> offers a wealth of practical information for putting accounting principles to work for your organization.

US