Governmental Accounting, Auditing, and Financial Reporting
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1 Governmental Accounting, Auditing, and Financial Reporting Stephen J. Gauthier Government Finance Officers Association
2 Copyright 2012 by the Government Finance Officers Association of the United States and Canada 203 N. LaSalle Street, Suite 2700 Chicago, IL All rights reserved. The text of this publication, or any part, may not be reproduced without written permission from the publisher. Library of Congress Control Number: ISBN Printed in the United States of America.
3 Contents Foreword... Preface.... How to Use the GAAFR... xix xxi xxv PART 1: BACKGROUND AND FRAMEWORK Section A: Basic Background 1. Accounting, Financial Reporting, and the Financial Statement Audit: An Overview... 1 Accounting... 1 Financial reporting... 2 Internal financial reporting... 2 Special purpose external financial reporting... 3 General purpose external financial reporting Display Disclosure... 3 Supporting information... 6 Essential characteristics of accounting data...6 The financial statement audit... 7 Chapter in brief... 8 Exercises The Government Environment and Its Impact on Accounting and Financial Reporting The structure of state and local government Key environmental differences Profit motive v. service motive Return on investment v. stewardship Appropriated budget v. financial plan Impact of environmental differences The use of more than one measurement focus...15 Fund accounting Budgetary reporting Chapter in brief Exercises Sources of Governmental GAAP The nature and purpose of GAAP The legal authority to set financial reporting standards iii
4 iv GOVERNMENTAL ACCOUNTING, AUDITING, AND FINANCIAL REPORTING The development of GAAP The structural framework for standard setting Due process The GAAP hierarchy Defining a state or local government Original pronouncements v. codification Chapter in brief Exercises Section B: The Governmental Financial Reporting Model 4. Funds, Fund Types, and Interfund Activity Nature and purpose of fund accounting Number of Funds principle Fund categories Fund types Governmental funds Proprietary funds Fiduciary funds Interfund activity Reciprocal interfund activity Nonreciprocal interfund activity Chapter in brief Exercises Government-wide Financial Reporting Background The relationship between fund financial statements and government-wide financial statements From funds to activities From one measurement focus and basis of accounting to another. 63 From aggregation to consolidation Focus on direct cost Chapter in brief Exercises The Primary Government and Its Component Units...73 Overview of the financial reporting entity The primary government Identifying component units Fiscal dependence (as evidence of financial accountability)...75 Board appointment (as evidence of financial accountability)...76 Misleading to exclude Use of fiduciary funds for organizations that do not qualify as component units Potential for dual inclusion Presenting component units Blended component units Discretely presented component units Component units with different fiscal year ends
5 CONTENTS v Transactions v. interfund activity Separate reporting Chapter in brief Exercises Section C: Basic Recognition Principles 7. Measurement Focus and Basis of Accounting Measurement focus Statement of financial position Statement of resource flows Basis of accounting Application to specific sets of financial statements Chapter in brief Exercises Categories of Transactions and Events and Their Recognition Exchange and exchange-like transactions Nonexchange transactions Derived tax revenues Imposed nonexchange revenues Government-mandated nonexchange transactions Voluntary nonexchange transactions Provider reporting Extraordinary items and special items Direct changes to net position Chapter in brief Exercises PART 2: FUND ACCOUNTING AND THE BASIC FINANCIAL STATEMENTS Section A: Governmental Funds 9. Revenue Recognition in Governmental Funds Background General application Availability Refunds and uncollectibles Initial journal entries Prepayments Application to miscellaneous revenues Specific applications to derived tax revenues Sales taxes Income taxes Specific applications to imposed nonexchange revenues Property taxes Fines and forfeitures Escheat property
6 vi GOVERNMENTAL ACCOUNTING, AUDITING, AND FINANCIAL REPORTING Specific applications to government-mandated nonexchange transactions and voluntary nonexchange transactions Intergovernmental revenues Payments in lieu of taxes (PILOTs) Pass-through grants On-behalf payments of salaries and benefits Federal food stamp program Contributions of agricultural commodities to school lunch programs Endowments and similar arrangements Receipt of donated capital assets Specific applications to exchange and exchange-like transactions Investment income Special assessments Lease revenues (capital leases) Research grants that result in the transfer of rights to the grantor. 134 Chapter in brief Exercises Expenditure Recognition in Governmental Funds Background Basic rule Exceptions to the basic rule Exception for debt service Exception for certain specified accrued liabilities Exception for pensions and OPEB Exception for operating leases with scheduled rent increases Exception for inventories of supplies Exception for prepaids Chapter in brief Exercises Other Financing Sources and Uses Nature and purpose Other financing sources Issuance of long-term debt (face amount and premium) The inception of a capital lease Debt service on demand bonds reported as fund liabilities Sales of capital assets Insurance recoveries Transfers Other financing uses Original issue discount on debt Payments to advance refunding escrow agent Reclassification of demand bonds as fund liabilities Transfers Chapter in brief Exercises
7 CONTENTS vii 12. Asset and Liability Recognition and Measurement in Governmental Funds Background Governmental fund assets Receivable for property and similar ad valorem taxes Receivable for debt proceeds Receivable for a guaranteed deficit Receivable for unallowable costs Pending contribution to an endowment (not a receivable) Receivable for an operating lease with scheduled rent increases. 171 Inventories of supplies Capitalization contributions to public-entity risk pools Investments in joint ventures Assets acquired for sale Governmental fund liabilities Purchased interest Refundable portion of income taxes and escheat property Anticipation notes Obligations within the primary government Compensated absences Termination benefits Postemployment benefits Claims and judgments Landfills and pollution remediation Noncancelable operating leases with scheduled rent increases Chapter in brief Exercises Governmental Fund Financial Statements Focus on major funds Categorization as a major fund based on relative size Categorization as a major fund based on other qualitative factors. 186 Presentation of major and nonmajor funds Basic financial statements Balance sheet Statement of revenues, expenditures, and changes in fund balances Budgetary comparison statement Chapter in brief Exercises Section B: Proprietary Funds 14. Enterprise Funds Interest capitalization Private sector Public sector Capital asset impairments Private sector
8 viii GOVERNMENTAL ACCOUNTING, AUDITING, AND FINANCIAL REPORTING Public sector Refundings Private sector Public sector Compensated absences Private sector Public sector Postemployment benefits Private sector Public sector Cash flows reporting Private sector Public sector Segment reporting Private sector Public sector Changes in net position Private sector Public sector Categories of net position Private sector Public sector Transactions unique to the public sector Connection fees Impact/developer fees Regulated industries Chapter in brief Exercises Internal Service Funds Cost-reimbursement Identity of customers Interest capitalization Chapter in brief Exercises Proprietary Fund Financial Statements Statement of net position Statement of revenues, expenses, and changes in net position Statement of cash flows Chapter in brief Exercises Section C: Fiduciary Funds 17. Fiduciary Fund Accounting General considerations The proper use of fiduciary funds The government as trustee v. the government as agent Liabilities v. net assets
9 CONTENTS ix Practical applications Private-purpose trust funds Pension (and other employee benefit) trust funds Investment trust funds Agency funds Chapter in brief Exercises Fiduciary Fund Financial Statements General formatting issues Statement of fiduciary net position Statement of changes in fiduciary net position Chapter in brief Exercises Section D: Government-wide Financial Statements 19. Converting and Consolidating Fund Data Overview Conversion of governmental fund data Adjustments for measurement focus statement of financial position (overview) Adjustments for measurement focus statement of resource flows (overview) Adjustments worksheet Worksheet adjustments for measurement focus Worksheet adjustments for basis of accounting The effect of worksheet adjustments on the general ledger Consolidation Consolidation of internal service funds Intra-activity balances Intra-activity transfers (Dis)allocation governmental activities Disallocation of indirect costs charged to functions reported as governmental activities Allocation of direct costs associated with functions reported as governmental activities Chapter in brief Exercises Government-wide Financial Statements Scope of reporting Government-wide statement of net position Government-wide statement of activities Chapter in brief Exercises
10 x GOVERNMENTAL ACCOUNTING, AUDITING, AND FINANCIAL REPORTING Section E: Disclosure 21. Summary of Significant Accounting Policies Description of the government-wide financial statements (exclusion of fiduciary activities and similar component units) A brief description of the component units of the financial reporting entity and their relationships to the primary government Basis of presentation government-wide financial statements Basis of presentation fund financial statements Basis of accounting Budgetary data Assets, liabilities, deferred outflows/inflows of resources, and net position/fund balance described in the order of their appearance in the statements of net position/balance sheet Revenues, expenditures/expense Chapter in brief Exercises Detailed Note Disclosures Summary of significant accounting policies Details of reconciliation Stewardship, compliance, and accountability Violations of legal or contractual provisions Deficit in individual funds Accounting changes Prior period adjustments Changes in accounting principles Changes in estimate Changes in entity Bankruptcies Detailed notes on all activities and funds Assets Cash deposits with financial institutions Investments Derivative instruments Reverse repurchase agreements Securities lending transactions Receivable balances Capital assets Collections Impairments and insurance recoveries Sponsor disclosures for external investment pools Lease receivables Right to service mortgage loans Asset valuation allowances Deferred outflows of resources Liabilities Payable balances
11 CONTENTS xi Pension plan obligations and postemployment benefits other than pension benefits Termination benefits Construction and other significant commitments Claims and judgments Lease obligations (capital and operating) Short-term debt and liquidity Long-term debt Landfill closure and postclosure care Pollution remediation obligations Deferred inflows of resources Net position/fund balance Net position Fund balance Interfund receivables and payables and interfund eliminations Revenues and expenditures/expenses Discounts and allowances Interest expense included in direct expense Future revenues that have been sold On-behalf payments for fringe benefits and salaries Transactions that would be reported as special items had they been within the control of management Significant transactions involving major discretely presented component units Transactions not reported because not measurable Foreign currency transactions Nonmonetary transactions Retail land sales Contracts to perform research and development Service concession arrangements Donor-restricted endowment disclosures Interfund transfers Segment information for enterprise funds Individual major discretely presented component unit disclosures The nature of the primary government s accountability for related organizations Joint ventures and jointly governed organizations Related-party transactions Summary disclosure of significant contingencies Loss contingencies Contingent liability for debt Gain contingencies Significant effects of subsequent events Going-concern considerations Chapter in brief Exercises
12 xii GOVERNMENTAL ACCOUNTING, AUDITING, AND FINANCIAL REPORTING PART 3: SPECIALIZED ACCOUNTING APPLICATIONS 23. Pension Benefits, Other Postemployment Benefits (OPEB), and Termination Benefits Pensions Types of pension plans Pension expense v. pension expenditures Actuarial valuations Pension-related debt Pension obligation bonds Special funding situations Recipients of on-behalf benefits OPEB Substantive plan Implicit rate subsidy Contributions Actuarial valuations Termination benefits Distinguishing termination benefits from unemployment benefits 413 Cost measurement Accrual recognition Pending changes Single-employer and agent multiple-employer defined benefit plans Cost-sharing defined benefit plans Special funding situations Chapter in brief Exercises Budgetary Integration Nature and purpose of budgetary integration Budgetary accounts Budgetary journal entries Chapter in brief Exercises Capital Assets Definition Basic accounting and financial reporting Major asset classes Capitalizable costs Improvements v. repairs Valuation Impairments Depreciation/amortization Replacements and retirements Chapter in brief Exercises Debt Basic accounting for debt
13 CONTENTS xiii Deep discount debt Refundings Demand bonds Special assessment debt Conduit debt Long-term borrowings within the primary government Proprietary fund debt Rebatable arbitrage Chapter in brief Exercises Derivatives Definition and use Essential characteristics Hedging Reporting derivatives in the statement of financial position Reporting derivatives in the statement of resource flows Embedded derivatives Chapter in brief Exercises Landfill Closure and Postclosure Care Costs and Pollution Remediation Obligations Landfill closure and postclosure care costs Pollution remediation obligations Chapter in brief Exercises Risk Financing and Insurance Background Basic accounting for claims and judgments Risk financing activities in fund financial statements Insurance Participation in a public-entity risk pool Chapter in brief Exercises Other Specialized Applications Compensated absences Grants (recipient perspective) Investments Lease accounting Special assessments Sales and pledges of receivables Joint ventures and similar arrangements Sales and pledges of future revenues (securitization) Escheat property Service concession arrangements Bankruptcies Chapter in brief Exercises
14 xiv GOVERNMENTAL ACCOUNTING, AUDITING, AND FINANCIAL REPORTING PART 4: REPORTING BEYOND THE BASIC FINANCIAL STATEMENTS Section A: Required Supplementary Information (RSI) 31. Management s Discussion and Analysis Background Content Component units Relationship to the letter of transmittal Relationship to the financial statement audit Chapter in brief Exercises Other RSI Budgetary reporting Infrastructure condition and maintenance data Trend data on postemployment data Trend data on revenue and claims development Chapter in brief Exercises Section B: The Comprehensive Annual Financial Report (CAFR) 33. Structure and Contents of the Comprehensive Annual Financial Report Purpose Structure Contents GFOA Certificate of Achievement for Excellence in Financial Reporting Chapter in brief Exercises Supplementary Budgetary Reporting Within the CAFR Scope of supplementary budgetary comparisons Mandatory comparison v. supplementary comparisons: similarities and differences Legal level of budgetary control Chapter in brief Exercises The Statistical Section Background Information on financial trends Information on revenue capacity Information on debt capacity Demographic and economic information Operating information Additional considerations Chapter in brief Exercises
15 CONTENTS xv Section C: Specialized Entities 36. Postemployment Benefit Plans Requirement to report individual plans separately Basic financial statements Notes to the financial statements Required supplementary information Supplementary schedules The comprehensive annual financial report (CAFR) Defined contribution plans Other recommendations from the GFOA Pending changes Chapter in brief Exercises Public-entity Risk Pools Background Types of public-entity risk pools Accounting and financial reporting Pools that result in the transfer or pooling of risk Pools that do not result in the transfer or pooling of risk Chapter in brief Exercises School Districts Reporting entity Basic financial statements Comprehensive annual financial report Chapter in brief Exercises States, Investment Pools, and Special Purpose Governments States Investment pools Special purpose governments Chapter in brief Exercises Section D: Other Reporting 40. Popular Financial Reporting Background Characteristics of an effective PAFR GFOA PAFR Program Chapter in brief Exercises Performance Reporting Background Expanding the scope of financial reporting to embrace performance measurement Alternative approaches to performance reporting...719
16 xvi GOVERNMENTAL ACCOUNTING, AUDITING, AND FINANCIAL REPORTING Chapter in brief Exercises PART 5: INTERNAL CONTROL, AUDITING, AND ANALYSIS Section A: Internal Control 42. The Comprehensive Framework of Internal Control Nature and purpose of internal control Responsibility for internal control Inherent limitations of internal control Comprehensive framework of internal control From internal control to enterprise risk management Chapter in brief Exercises Monitoring and the Periodic Evaluation of Internal Control Background Establishing and maintaining a baseline of effective internal control. 754 Periodically evaluating actual performance against the baseline Resolving deficiencies identified by periodic evaluations of internal control Chapter in brief Exercises Section B: Auditing and Analysis 44. The Financial Statement Audit Responsibility for financial statements and the financial statement audit Key concepts underlying the financial statement audit Levels of auditor responsibility Auditing standards: GAAS v. GAGAS Obtaining a financial statement audit Chapter in brief Exercises The Single Audit Background Requirement to obtain a Single Audit Standards applicable to Single Audits Scope of the Single Audit Focus on major programs Objectives of the Single Audit Reporting requirements Reporting package Chapter in brief Exercises Internal Auditing and Performance Auditing Internal auditing
17 CONTENTS xvii Performance auditing Chapter in brief Exercises Financial Statement Analysis The need for a different approach to analysis in the public sector Focal points for analysis Types of information available in a CAFR Assessing near-term financial position Assessing net position Assessing economic condition Chapter in brief Exercises Appendices A. Illustrative Journal Entries B. Illustrative Trial Balances C. Illustrative Adjustments Worksheet D. Illustrative Comprehensive Annual Financial Report E. Illustrative Accounts, Classifications, and Descriptions F. Explanations of Correct Responses to Exercises G. Glossary H. Acronyms I. Index
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