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Lecture Accounting for governmental and nonprofit entities (16/e): Chapter 2 - Reck, Lowensohn, Wilson

Chapter 2 - Principles of accounting and financial reporting for state and local governments. After studying Chapter 2, you should be able to: Explain the nature of the three major activity categories of a state or local government: governmental activities, business-type activities, and fiduciary activities; explain the components of GASB’s integrated accounting and financial reporting model;. | Chapter 2 Principles of Accounting and Financial Reporting for State and Local Governments McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Learning Objectives After studying Chapter 2, you should be able to: Explain the nature of the three major activity categories of a state or local government: governmental activities, business-type activities, and fiduciary activities Explain the components of GASB’s integrated accounting and financial reporting model, including: Government-wide financial statements Fund financial statements 1 Learning Objectives (Cont’d) After studying Chapter 2, you should be able to: Explain the components of GASB’s integrated accounting and financial reporting model (cont’d): Definition of fund and principles of fund accounting Types of funds in each fund category and characteristics of each fund type Explain major fund accounting 1 Activities of Government Governmental Business-type Fiduciary Q: What . | Chapter 2 Principles of Accounting and Financial Reporting for State and Local Governments McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Learning Objectives After studying Chapter 2, you should be able to: Explain the nature of the three major activity categories of a state or local government: governmental activities, business-type activities, and fiduciary activities Explain the components of GASB’s integrated accounting and financial reporting model, including: Government-wide financial statements Fund financial statements 1 Learning Objectives (Cont’d) After studying Chapter 2, you should be able to: Explain the components of GASB’s integrated accounting and financial reporting model (cont’d): Definition of fund and principles of fund accounting Types of funds in each fund category and characteristics of each fund type Explain major fund accounting 1 Activities of Government Governmental Business-type Fiduciary Q: What activities are included in each of the above categories? Discuss. Required Financial Statements Two sets of “basic” financial statements are required (in addition to MD&A and other required supplementary information) Government-wide financial statements (see Illustrations 2-2, A2-1, and A2-2) Fund financial statements (see Illustrations 2-2 and A2-3 through A2-11) Required Financial Statements (Cont’d) Government-wide financial statements: Statement of net position (see Ill. A2-1) Statement of activities (see Ill. A2-2) Required Financial Statements (Cont’d) Government-wide financial statements (Cont’d): Prepared on the accrual basis using economic resources measurement focus Primary government financial information reported in two columns—Governmental Activities and Business-type Activities Internal service fund information is usually reported in the Governmental Activities column. Why? Fiduciary activities are not reported in the government-wide financial statements. Why? Required .