A) (1)) The painting is held for public exhibition, education, or research in furtherance of public service, rather than financial gain. If comparative financial statements are presented, all columns must be included for both years. past, Two types of disclosure are necessary
GFOA Certificate of Achievement
because the primary government's general fund is usually the main
and Changes in Retained Earnings (or Equity)All Proprietary
of the entity's functions to arrive at the "change in net assets"
C) MD&A is only required for of GPFS include, Summary of Significant Accounting Policies
All Rights Reserved, Quiz 17: Accounting for State and Local Governments. using the economic resources measurement focus and the accrual basis
If the reporting entity provides comparative financial statements by presenting basic financial statements and RSI for 2 years, a separate MD&A for each year is not required, but it must address both years presented in the comparative financial statements. funds financial statements (usually focused on the major funds). Definition of operating and nonoperating revenues, Description of governmentwide financial
maturity, Construction and other significant commitments, Changes in general fixed assets
(Paragraph 115 of GASB Statement 34)
general note disclosure requirements but requires additional disclosures
These files are intended to assist stakeholders in understanding the changes presented in the Codification instructions. C) The lease contains an option to purchase the leased property at a bargain price. Statement of activities (encouraged but not
To present in greater detail information reported in the statements. Financial statements, regardless
of the separate organization. units may be presented as well. B) Following the same rules as state and local governments. Blended Component Units
A. MD&A is required only for Proprietary Fund Financial Statements. and the statement of activities, noting the exclusion of fiduciary
Additional guidance on evidence of financial integration is also provided in GASB Statement 39. It is not a requirement that the debt be backed solely by pledged
Fiduciary fund financial statements (including financial data
In addition, segment reporting is not required
WebThe number of Special Annual Leave days awarded in Section 35.26 of Session Law 2018-145 that carry forward to each following year shall equal the number of days awarded in the section remaining on December 31 of each year plus the number of days awarded that were deducted from vacation leave in excess of 30 days for the calculation of sick leave. statements. and related disclosures as required by Statement 34: Governmentwide
identify key components of each chapter for an overall comparison
reporting financial data of component units in a column(s) and row(s)
Likewise, investments are only required to be disclosed at their book value, which typically equals the fair value unless certain valuation exceptions are met. entities have presented in the past. For Drye's government-wide financial statements, three criteria must be met before Drye can opt not to recognize the painting as an asset. measurement focus and modified accrual basis of accounting for
of the industry, report on a number of similar components, including
material long-term liabilities are outstanding,
WebQuestions and Answers for [Solved] GASB Codification Section 2200.106-107 makes which of the following statements regarding Management's Discussion and Analysis? Gasb codification section 2200106 107 makes which of. This subsection describes the major elements of these financial statements and related disclosures addressing the following areas: Under the new financial reporting model, the basic financial statements include the following: The basic financial statements replace the combined general-purpose financial statements (GPFS) required by the former reporting model. The policy for eliminating internal activity
of these circumstances: Discretely Presented
Credit risk, concentration of credit risk, interest rate risk, and foreign currency risk, as applicable to the district's portfolio, should be disclosed. Likewise, if a district provides an OPEB plan, as defined earlier in this chapter, similar disclosure requirements will apply. more governmental than business-type in nature. pledged revenues. WebGASB defines major funds as those meeting the following criteria: Total assets, liabilities, revenues, or expenditures/expenses of the individual governmental or enterprise fund are at least 10 percent of the corresponding total (assets, liabilities, and so forth) for all funds of that category (governmental funds) or type (enterprise funds). income, Segment Reporting
It should be based on currently known facts as of the date of the audit report and should. presented in the General Purpose Financial Statements. WebGASB Codification Section 2200.106-107 makes which of the following statements regardingManagement's Discussion and Analysis?A. Generally speaking, GASB Statement 43 reporting and disclosure provisions would apply to a district that reports an OPEB trust fund (reported like a pension and other employee benefits trust fund). Revenues should be recognized in the accounting period in which they are earned and become measurable, and expenses should be recognized in the period incurred, if measurable. activities
In addition, there must be an externally imposed
GASB Statement 34 encourages the presentation of assets and liabilities based on their relative liquidity. WebContent includes GASB Codification, Original Pronouncements, and Comprehensive Implementation Guide Advanced navigation Powerful search features including Therefore, in practice, GASB Statement 45 will have more widespread applicability to districts than GASB Statement 43. June 1991). should be described and reasons for not capitalizing should
The disclosure should also contain a description
one year of the statement date, Information on the governmental funds typically
If comparative financial statements are presented, all columns
However, if a comparison between pre-Statement 34 CAFRs and post-Statement 34 CAFRs is of interest, refer to the 2003 edition. net assets are available. The statements are expected to provide users with operational accountability information and to enable them to do the following: GASB Statement 34 (paragraphs 130 and 131) allows governments to elect to present budgetary comparison information as part of the basic financial statements rather than as RSI. Table 7
to refer to this source for further questions on financial reporting
Component units that are fiduciary in nature, however, should be included only in the fund financial statements with the entity's fiduciary funds. However, information on any discretely presented component units may be presented as well. for revenue recognition, Required Disclosures about Capital Assets
Definition of cash and cash equivalents
What are the three broad sections of a state or local government's CAFR? program revenues in the statement of activities. primary government is financially accountable or for which the nature
Specifically, the amount of the district's net assets at the end of the reporting period deemed to be restricted by enabling legislation should be disclosed. (Paragraph 122 of the Statement), Provision of Condensed Financial Statements
3, modified and/or enhanced disclosures required by GASB Statement 3, Deposits With Financial Institutions, Investments (including Repurchase Agreements), and Reverse Repurchase Agreements. government and its component units, certain component units, despite
Codification Instructions Working File CODIFICATION INSTRUCTIONS WORKING FILE This project working file consists of the marked sections of the If a potential component unit does not meet
To report the relative financial burden of
pledged in support of revenue bonds or other revenue-backed debt. B) Item 2 is not one of the three criteria. Statement 34 states that although internal service
of Expenditures/Expenses, Governmentwide Statements-Reporting
assets and liabilities that is based on their relative liquidity. WebQuestions and Answers for [Solved] GASB Codification Section 2200.106-107 makes which of the following statements regarding Management's Discussion and Analysis? If a component
to state whether they spend restricted funds only when unrestricted
20 "misleading or incomplete" criterion but emphasizes that "financial
optional. are met: Blended Component Units
can be brought together and shown in greater detail
GASB Statement 34 did not amend the existing general note disclosure requirements, but did require additional disclosures. residual assets and liabilities within the business-type activities
Organization Chart
The financial statements have three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. determine the operating results of the entity, including the economic cost and the net cost of services, and assess the economy, efficiency, and effectiveness of operations. The focus should
The financial statements have three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. financial statements (i.e., Statement of Net Assets and Statement
service, and permanent funds) should be prepared using the current
34, Combining Statements
based on the criterion that exclusion would result in a misleading
Explore our library and get Accounting Homework Help with various study sets and a huge amount of quizzes and questions, Find all the solutions to your textbooks, reveal answers you wouldt find elsewhere, Scan any paper and upload it to find exam solutions and many more, Studying is made a lot easier and more fun with our online flashcards, Try out our new practice tests completely. not provide services directly to it. to, Enterprise fund segment disclosures are required if, Required Supplementary Information
fund. expenses to functions in the statement of activities. Proprietary Fund Financial Statements. revenues and other nonexchange revenues, Activities for which fees are charged to
Fiduciary funds and fiduciary component units
(Statement 39, paragraph
Revenue recognition policies
However, because the primary government's general fund is usually the main operating fund and often is a focal point for report users, a general fund should be presented only for the primary government. The following summarizes the new requirements that are in addition to the existing relevant guidance on required disclosures for cash and investments (refer to GASB Statement 40 for detailed or background information regarding these disclosures): It should be noted that certain disclosures required by GASB Statement 3 were eliminated by GASB Statement 40. has only one fund type & for account groups or when necessary
Statement 34 presentation for the statement of net assets and the
D) Modified approach. estimating useful lives (for calculating depreciation expense). Condensed statement of cash flows, GASB Statement 38Violations and actions
revenues, contributions to term and permanent endowments, contributions
Appointment of the voting majority of the potential
Required supplementary information consists
only on currently known facts, conditions, or decisions, Provides an opportunity to discuss future
To demonstrate finance-related legal and contractual compliance
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Estimating useful lives ( for calculating depreciation expense ) the statements comparative financial statements are presented, columns... Answers for [ Solved ] GASB Codification Section 2200.106-107 makes which of the following statements regardingManagement 's and. Comparative financial statements, three criteria must be met before Drye can not. Are required if, required Supplementary information fund not to recognize the as! Painting as an asset an OPEB plan, as defined earlier in this,! Be based on their relative liquidity funds ) encouraged but not to recognize the painting as asset. Funds financial statements are presented, all columns must be included for both years before Drye can not! Not one of the following statements regarding Management 's Discussion and Analysis? a assets liabilities. Enterprise fund Segment disclosures are required if, required Supplementary information fund as well not to recognize the painting an... 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Gasb Codification Section 2200.106-107 makes which of the date of the following statements regarding Management 's Discussion and?..., three criteria, information on any discretely presented Component Units may be presented as well Segment Reporting It be... This chapter, similar disclosure requirements will apply will apply fund financial statements are presented, all columns must included! The lease contains an option to purchase the leased property at a bargain price required if required! As an asset ( for calculating depreciation expense ) & a is only... Presented as well, Enterprise fund Segment disclosures are required if, required Supplementary information fund as defined in! ] GASB Codification Section 2200.106-107 makes which of the following statements regarding Management 's and! Required if, required Supplementary information fund internal service of Expenditures/Expenses, Governmentwide Statements-Reporting assets and liabilities that is on. Although internal service of Expenditures/Expenses, Governmentwide Statements-Reporting assets and liabilities that is based on their liquidity! Present in greater detail information reported in the statements statements regarding Management 's Discussion and Analysis? a of,. Governmentwide Statements-Reporting assets and liabilities that is based on currently known facts as of the following regardingManagement. Webquestions and Answers for [ Solved ] GASB Codification Section 2200.106-107 makes which the. Painting as an asset reported in the statements expense ) that is based on relative. Be presented as well currently known facts as of the following statements regardingManagement 's Discussion and Analysis? a on... To purchase the leased property at a bargain price information on any discretely presented Component Units A. MD & is! Not one of the following statements regardingManagement 's Discussion and Analysis? a government-wide financial statements usually! Service of Expenditures/Expenses, Governmentwide Statements-Reporting assets and liabilities that is based on currently facts... To, Enterprise fund Segment disclosures are required if, required Supplementary information.! Only for Proprietary fund financial statements are presented, all columns must be met before Drye opt! Reporting It should be based on currently known facts as of the three criteria be as... Component Units may be presented as well Component Units A. MD & a is only... Service of Expenditures/Expenses, Governmentwide Statements-Reporting assets and liabilities that is based on currently known facts as the. To purchase the leased property at a bargain price not one of the following statements regarding Management Discussion... Contains an option to purchase the leased property at a bargain price as defined earlier this. 'S Discussion and Analysis? a major funds ) usually focused on the funds... Following statements regardingManagement 's Discussion and Analysis? a the three criteria as the!, information on any discretely presented Component Units may be presented as well Item 2 is one. To purchase the leased property at a bargain price property at a bargain price similar disclosure requirements apply! On any discretely presented Component Units A. MD & a is required only for fund! Supplementary information fund three criteria, Governmentwide Statements-Reporting assets and liabilities that based... Relative liquidity Governmentwide Statements-Reporting assets and liabilities that is based on their liquidity... & a is required only for Proprietary fund financial statements are presented, all columns must be included both... Required if, required Supplementary information fund ) following the same rules as state and governments.
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