【文章內(nèi)容簡介】 ities Statement of Net Assets Statement of Activities d) General revenues include all ? Including: ① All taxes levied by the reporting government ② Nonexchange revenues not restricted to a particular program e) Special items vs. Extraordinary items ? Special items: either unusual in nature or infrequent in occurrence ? Extraordinary items: both unusual in nature and infrequent in occurrence f) Determination of Change in asset Net Rev (EXP) (G act, B act, or CUs) Less: General revenues, special amp。 extraordinary items, transfers Change in asset g) Determination of asset, END Change in assets Add: Net Assets, BEG Net assets, END 25 GovernmentWide F/S D 3. Statement of Activities Statement of Net Assets Statement of Activities h) Depreciation EXP ? Direct EXP for each function include DEP EXP that can be directly charged ? DEP EXP that serves all functions may be ① Allocated as an indirect EXP, or ② Charged to general government, or ③ As unallocated DEP EXP i) Interest EXP ? Interest on LT debt would be included in direct EXP if it is due to a single function ? Most interest, however, cannot be identified with a single function and should be shown in a separate line in the Statement of Activities ? Interest is capitalized for buztype activities only 26 Question Time… 1. Which of the following statement is correct about the accounting for infrastructure assets using the modified approach? a) I only b) II only c) Both I and II d) Neither I nor II Answer: b) I. DEP EXP on the infrastructure assets should be reported on the governmentwide statement of activities, under the governmental activities column II. Certain info about infrastructure assets reported using the modified approach is required supplementary info in the annual report 27 Question Time… 2. On 12/31/07, Fullerton City piled the info below: a) $3,500,000 b) $1,500,000 c) $2,250,000 d) $2,750,000 Answer: d) Cost of capital assets financed with debt and tax revenues $3,500,000 ACC DEP 750,000 Outstanding debt related to the capital assets 1,250,000 On the Gwide statement of assets @12/31/07, under the governmental activities column, what amount should be reported for capital assets (assume no infrastructure assets)? 28 Question Time… 3. On 12/31/07, Fullerton City piled the info below: a) $3,500,000 b) $1,500,000 c) $2,250,000 d) $2,750,000 Answer: b) Cost of capital assets financed with debt and tax revenues $3,500,000 ACC DEP 750,000 Outstanding debt related to the capital assets 1,250,000 On the Gwide statement of assets @12/31/07, under the governmental activities column, the info related to capital assets should be reported in the assets section at 29 E. Fund financial statements 30 Fund F/S E 1. Definition of a Fund a) “A fiscal and accounting entity with a selfbalancing set of accounts recording cash and other financial resources, together with all related liab and residual equities and balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations.” GASB 31 Fund F/S E 2. Types of a Fund Governmental funds Proprietary funds Fiduciary funds General Special revenue Debt service Capital projects Permanent G R D C P Internal service Enterprise S E Pension Agency Privatepurpose trust funds Investment trust funds P A P I Governmentwide F/S Governmental activities Businesstype activities CU GRDCP S E 32 Fund F/S E 2. Types of a Fund a) Each government has only one general fund (GRDCP)。 each other fund may have any number of individual funds, but the rule is as few funds as possible. b) Fixed assets and LT debt are not reported in GRDCP F/S, but in Gwide F/S c) Only major funds would be reported separately ? Both conditions must be met for the other funds (GRDCP SE) ? General fund (GRDCP) is always a major fund ① 10% test: Fund’s assets / Category39。s assets, same for liab, REV, and EXP ② 5% test: for which meet ① , divide it (them) by (G fund + E) of that account ? A government may choose to call any fund major if it feels that reporting that fund would be useful Please look at the example of “HUD program fund” on page 856 33 Fund F/S E 2. Types of a Fund d) Treatment of nonmajor funds (GRDCP SE) ? Segregated and reported as a single column in the G fund or Proprietary fund F/S。 ? Combining statements for nonmajor funds are shown as “other supplementary info” e) Internal service funds (GRDCP SE) are reported in a single column on the Proprietary fund F/S f) Fiduciary fund F/S report a separate column for fund type (PAPI) g) A reconciliation between G fund (GRDCP) F/S and the G activities (GRDCP SE) in the Gwide F/S is required ? Either at the bottom of the fund F/S ? Or in a schedule immediately following the fund F/S 34 Fund F/S E 3. Governmental Fund (GRDCP) F/S a) Focus on the current financial resources raised and expended to carry out general government purposes b) Include: ① Balance Sheet ② Statement of Revenues, Expenditures, and changes in Fund Balances c) Prepared on the current financial resources measurement focus and modified accrual basis of accounting (CM) 35 Fund F/S E 3. Governmental Fund (GRDCP) F/S d) Balance Sheet Assets Cash and cash equivalent Receivables ()