Generally Accepted Accounting Principles GAAP for governments

Open Required Supplementary Information (RSI) sub menuģ.1 Accounting Principles and Internal Controlģ.1.2.10 There are two primary authoritative sources of generally accepted accounting principles (GAAP) for local governments: Note X – Violation of Finance-Related Legal and Contractual Provisions.Note X – Unique and Unusual Transactions.Note X − Third Party Contractual Agreements.Note X – Subscription Based Information Technology Arrangements (SBITA).Note X – Service Concession Arrangements.Note X – Risk Pools – Risk Financing Limits.Note X – Risk Pools – Members’ Supplemental Assessments and Credits.Note X – Risk Pools – Excess Insurance Contracts/Reinsurance.Note X – Risk Management (for participating member of pool).Note X – Restricted Component of Net Position.Note X – Reconciliation of Government-Wide and Fund Financial Statements.Note X – Receivable and Payable Balances.Note X – Public-Private and Public-Public Partnerships (Transferor).Note X – Public-Private and Public-Public Partnerships (Operator).Note X – Pollution Remediation Obligations.Note X – Pledges and Sales of Future Revenues.Note X – Pensions – State Sponsored (DRS) Plans.Note X – Pensions - Defined Benefit Plans - Qualifying Trust.

Note X – Pensions - Defined Benefit Plans – No Qualifying Trust.Note X – Pension and/or OPEB Plans - Nongovernmental Plans.Note X – Pension and/or OPEB Plans - Defined Contribution.Note X – Paid Family Medical Leave Act Self-Insurance.Note X – OPEB Defined Benefit Plan - Qualifying Trust.Note X – OPEB Defined Benefit Plan - No Qualifying Trust.

Note X – Interfund Balances and Transfers.

Note X – Extraordinary and/or Special Items.

Note X – External Investment Pool (Counties Only).

Note X – Construction and Other Significant Commitments.

Note X – Closure and Postclosure Care Cost.

Note X – Changes in Long-Term Liabilities.

Note X – Asset Retirement Obligations (ARO).

Note X – Accounting and Reporting Changes.

Note 1 – Summary of Significant Accounting Policies.

Coming in Fiscal Year 2024 (GAAP and Cash).

Coming in Fiscal Year 2023 (GAAP and Cash).

Statement 98 is available on the GASB website, Use of Deadly Force Investigation Reports The requirements of Statement 98 are effective for fiscal years ending after December 15, 2021. Governments may voluntarily present those required components in an ACFR, which also contains more background and explanatory information from management, additional financial statements disaggregating certain columns in the basic financial statements, and a “statistical section” of 10-year trends in financial, economic, demographic, and operating information. Thank you to everyone who worked with us and shared their input.”įinancial reports prepared following GAAP are required to contain basic financial statements (including notes to financial statements) and required supplementary information (such as management’s discussion and analysis). Regarding the issuance of Statement 98, GASB Chair Joel Black said, “Once this issue came to our attention, it was clear that working with our stakeholders to rename this important document was simply the right thing to do. Otherwise, no changes were made to the report’s structure or content. 98, The Annual Comprehensive Financial Report, establishes the annual comprehensive financial report and ACFR in generally accepted accounting principles (GAAP) for state and local governments and eliminates the prior name and acronym. The changes in the name and acronym were widely supported by individuals and stakeholder groups that responded to the April 2021 Exposure Draft proposing the changes. The name change was prompted by GASB stakeholders raising concerns that the acronym of the prior name of the report sounds like a profoundly offensive term when spoken. Until now, the name applied to those reports was the comprehensive annual financial report. Norwalk, CT, October 19, 2021-The Governmental Accounting Standards Board (GASB) today issued a pronouncement that changes the name of the most extensive report prepared following its standards to the annual comprehensive financial report or ACFR. GASB Changes Name of Report to 'Annual Comprehensive Financial Report'

Generally Accepted Accounting Principles GAAP for governments