Wiley GAAP for Governments 2017: 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 2017 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 in standard–setting activities, including:

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 Statement Nos. 78 and 82 Pension Accounting and Financial Reporting Statement No. 79 Certain External Investment Pools Statement No. 80 Blending Requirements for Certain Component Units Statement No. 81 Irrevocable Split Interest Agreements Statement No. 83 Asset Retirement Obligations Statement No. 84 Fiduciary Activities Exposure Drafts on the revised implementation guide, certain debt extinguishment issues, leases Invitation to Comment on Financial Reporting Model Improvements for Governmental Funds Latest on GASB Technical Plan

Wiley GAAP for Governments 2017 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 9

3 Fund Accounting Fundamentals 29

4 General Fund and Special Revenue Funds 49

5 Capital Projects Funds 61

6 Debt Service Funds 73

7 Proprietary Funds 81

8 Fiduciary Funds 93

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 283

14 Capital Assets 309

15 Debt and Other Obligations 341

16 Landfill Closure and Postclosure Care Costs 379

17 Postemployment Benefits Pension and Other 389

18 Compensated Absences 443

19 Accounting for Leases 453

20 Nonexchange Transactions 473

21 Risk Financing and Insurance–Related Activities/Public Entity Risk Pools 487

22 Pension and OPEB Plan Financial Statements 513

23 Educational and Other Governmental Entities 589

Appendix: Disclosure Checklist 603

Index 645

Warren Ruppel, CPA (Woodcliff Lake, NJ), is the author of four Wiley accounting publications, including Wiley GAAP for Governments, and two CCH Miller accounting and auditing books. He began his career at KPMG Peat Marwick in 1979 and joined Deloitte & Touche in 1989 to specialize in not–for–profit organizations and audits of governments. Mr. Ruppel has since served as the chief financial officer of an international not–for–profit organization and as the assistant comptroller responsible for the accounting and financial reporting for one of the largest cities in the U.S.