Superficial Drill Down on Governmental Accounting Sheet Three

Superficial Drill Down on Governmental Accounting Sheet Three: 

• GASB C60.107 - government's compensated absences liability normally should be calculated based on the salary rates in effect at the balance sheet date.
• Enterprise funds are a proprietary fund and investment and pension trust funds are fiduciary funds. They use the accrual basis of accounting.
• Special revenue, the general fund, capital projects funds, debt service funds and permanent funds are governmental and use the modified accrual basis of accounting. 
• GASB 1800.128 - when a capital lease represents the acquisition or construction of a general fixed asset... should be reflected as an expenditure and  other financing source.
• “Estimated Revenues” would consist only of those financial resource inflows expected to be recorded as revenues. The property taxes, licenses, and fines would be recorded as revenues.
• Interest on debt reported should be reported as the interest from the notes payable benefiting specific functions as a direct expense of those functions and report the remaining interest as a separate line as an indirect expense.
• Noncurrent portion of leases financed by the general government is reported as general long-term liability. General long-term liabilities should be reported in the governmental activities column.
• Fund - composed of a self-balancing set of accounts; Fund financial statements is a minimum required report. 
• GASB 1400.105 - certain infrastructure capital assets are not required to be depreciated under the modified approach. 
• GASB 2200.211 - Narrative explanations of combining and individual fund statements should be presented on divider pages, directly on the statements and schedules, or in a separate section.

​
​cc: Reporting