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Business Analysis and Reporting/Blueprint/3.A

Government-wide financial statements

Area 3: State and Local Government Concepts (10-20%)

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Topics

  • Government-wide reporting model
  • Net position categories

Lessons

  • State and Local Government Reporting

Study Frameworks

Government Fund Types

CategoryFundMeasurement FocusBasis
GovernmentalGeneralCurrent financial resourcesModified accrual
GovernmentalSpecial revenueCurrent financial resourcesModified accrual
GovernmentalCapital projectsCurrent financial resourcesModified accrual
GovernmentalDebt serviceCurrent financial resourcesModified accrual
GovernmentalPermanentCurrent financial resourcesModified accrual
ProprietaryEnterpriseEconomic resourcesFull accrual
ProprietaryInternal serviceEconomic resourcesFull accrual
FiduciaryPension/Investment/Custodial trustEconomic resourcesFull accrual

GASB vs. FASB Key Differences

TopicGASBFASB
Reporting modelGovernment-wide + fund statementsSingle set of financial statements
Governmental fund basisModified accrualN/A (accrual only)
Revenue recognitionMeasurable and availableASC 606 five-step model
Capital assets in govt fundsNot reported (expenditure)N/A
Net position categoriesNet investment in capital assets, restricted, unrestrictedCommon stock, APIC, retained earnings
Budget reportingRequired (RSI)Not required
PensionsGASB 68 (net pension liability)ASC 715 (PBO)
GASBEGeneral, special revenue, cApital projects, debt Service, pErmanent

The five governmental fund types. All use modified accrual basis and current financial resources measurement focus.

Practice These Topics(71 questions)