SUPERFICIAL DRILL DOWN ON GOVERNMENTAL ACCOUNTING SHEET Four

Superficial Drill Down on Governmental Accounting Sheet Four: 

• Modified accrual financial statements recognize pension expenditures primarily based upon a funding approach.
• In a year of the donation, a recipient government should recognize a revenue as well as an expense in the same amount.
• Public institutions reporting as special-purpose governments should report the estimated historical cost for major general infrastructure assets.
• FASB has jurisdiction over entities that are exempt from federal taxation.
• Current financial resources is the measurement focus of governmental fund accounting.
• ​Extraordinary and special items are defined as unusual and infrequent in nature; special items are significant transactions under management's control.
• Understandability and relevance will be subject to the user's own interpretation.
• GASB has prescribed that fines and forfeitures are included in charges for services.
• Bond anticipation notes are included as general long-term liabilities - amount would never be revenue as the amount is due to be repaid at some point.
• General government operation would be recorded in a governmental fund.
• Income determination - orientation of accounting and reporting for all proprietary funds of governmental units.
• Fiduciary funds (the pension fund) are not reported in the government-wide statements.
• Net position of internal service funds are reported with governmental activities in government-wide statement. ​

​cc: Reporting