Wiley GAAP for Governments 2016: Interpretation and Application of Generally Accepted Accounting Principles for State and Local Governments

The most practical and authoritative guide to governmental GAAP

Wiley GAAP for Governments 2016 is a comprehensive guide to the accounting and financial reporting principles used by state and local governments, as well as other governmental entities.

Financial statement preparers, attestors, and readers will find its full coverage of authoritative accounting standards coupled with many examples, illustrations, and helpful practice hints, extremely useful and user–friendly.

The book also contains a "New Developments" chapter, designed to keep you informed of all the important developments in governmental GAAP during the past year. It covers the status of current and future Governmental Accounting Standards Board standards and projects, and provides information on the very latest standard–setting activities, including:

Statement Nos. 67, 68, 71, and 73 Pension Accounting and Reporting Statement No. 69 Government Combinations and Disposals of Government Operations Statement No. 70 Accounting and Financial Reporting for Nonexchange Financial Guarantees Statement No. 72 Fair Value Measurement and Disclosure Statement Nos. 73 and 74 OPEB Accounting and Financial Reporting Statement No. 76 GAAP Hierarchy Statement No. 77 Tax Abatement Disclosures Exposure Drafts on the revised implementation guide, irrevocable split–interest agreements, blending for certain component units, accounting and reporting for certain external investment pools Preliminary Views on recognition and measurement approaches and leases Latest on GASB Technical Plan

Wiley GAAP for Governments 2016 strives to be a thorough, reliable reference that you′ll use constantly, and keep to hand on your desk, rather than on your bookshelf.

Preface vii

About the Author ix

1 New Developments 1

2 Foundations of Governmental Accounting 11

3 Fund Accounting Fundamentals 33

4 General Fund and Special Revenue Funds 53

5 Capital Projects Funds 65

6 Debt Service Funds 77

7 Proprietary Funds 85

8 Fiduciary Funds 97

9 Financial Statements Prepared by Governments 103

10 The Importance of Budgets to Governments 169

11 Definition of the Reporting Entity 181

12 Cash and Investments Valuation and Disclosures 225

13 Derivative Instruments 269

14 Capital Assets 295

15 Debt and Other Obligations 321

16 Landfill Closure and Postclosure Care Costs 359

17 Postemployment Benefits Pension and Other 369

18 Compensated Absences 421

19 Accounting for Leases 431

20 Nonexchange Transactions 451

21 Risk Financing and Insurance–Related Activities/Public Entity Risk Pools 465

22 Pension and OPEB Plan Financial Statements 491

23 Educational and Other Governmental Entities 567

Appendix: Disclosure Checklist 581

Index 623