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Lecture Essentials of accounting for governmental and not-for-profit organizations (12/e) – Chapter 1

Chapter 1 "Introduction to governmental and not-for-profit organizations", the goal is for you to learn: Obtain an overview of financial reporting for nonbusiness entities, distinguish between private and public sector organizations, identify the sources of authoritative accounting standards for various public and private sector organizations, define the 11 fund types used by state and local governments. | Essentials of Accounting for Governmental and Not-for-Profit Organizations Chapter 1 Introduction to Governmental and Not-for-Profit Organizations Copyright © 2015 McGraw-Hill Education. All rights reserved. Chapter 1 – Learning Objectives Obtain an overview of financial reporting for nonbusiness entities Distinguish between private and public sector organizations Identify the sources of authoritative accounting standards for various public and private sector organizations Define the 11 fund types used by state and local governments Why Study GNP Accounting? Governments and NFP organizations hire accountants Governments and NFPs engage accountants to perform their audits As citizens and donors we wish to better understand how taxes and charitable donations are used Differences in the GNP Environment Organizational Purposes: Governments exist for the well being of citizens by providing public services, not for the purpose of generating returns to owners. Sources of Revenues: . | Essentials of Accounting for Governmental and Not-for-Profit Organizations Chapter 1 Introduction to Governmental and Not-for-Profit Organizations Copyright © 2015 McGraw-Hill Education. All rights reserved. Chapter 1 – Learning Objectives Obtain an overview of financial reporting for nonbusiness entities Distinguish between private and public sector organizations Identify the sources of authoritative accounting standards for various public and private sector organizations Define the 11 fund types used by state and local governments Why Study GNP Accounting? Governments and NFP organizations hire accountants Governments and NFPs engage accountants to perform their audits As citizens and donors we wish to better understand how taxes and charitable donations are used Differences in the GNP Environment Organizational Purposes: Governments exist for the well being of citizens by providing public services, not for the purpose of generating returns to owners. Sources of Revenues: Governments derive many of their resources from taxes and other non-exchange transactions. Differences in the GNP Environment Potential for Longevity: Governments very rarely go out-of-business. This long term view of operations changes the focus of accounting to a longer-term focus on the sustainability of services and the ability to meet future demand. Relationship with Stakeholders: Governments have an obligation to demonstrate accountability for public funds. Role of the Budget: Government budgets often carry the authority of law, preventing public officials from spending outside their budgetary authority. How Accounting Must Adapt to GNP Environmental Differences Traditional view of the equity accounts must be modified Budget compliance may be as important as income measurement When do we recognize revenue in the absence of an exchange transaction? Reports must reflect the existence of restrictions on the use of certain resources Non-financial performance measures are relatively more .