Wiley GAAP for Governments 2020

Interpretation and Application of Generally Accepted Accounting Principles for State and Local Governments

Warren Ruppel

• Éditeur: Wiley
• Année: 2020
• ISBN:
  9781119596103
• Édition: 1
• Sujet: Commerce
• Sous-sujet: Accounting Standards

A comprehensive guide to the accounting and financial reporting principles used by state and local governments

As more governmental accounting standards are issued, preparers need clear guidance. The Wiley GAAP for Governments 2020: Interpretation and Application of Generally Accepted Accounting Principles for State and Local Governments guides preparers through the standards and their increasing complexity. This is a comprehensive guide to the accounting and financial reporting principles for state and local governments, as well as other government organizations. It has been written to address the needs of users and serve as a helpful resource.

Wiley GAAP for Governments 2020 covers the key developments in governmental GAAP that occurred in 2019. Financial professionals can turn to this reliable reference for detailed information and guidance on implementing newly issued and revised standards. Charts and diagrams encourage enhanced understanding of the information.

Practitioners will find that the book offers:

• Coverage of financial statements for school districts, public authorities, and pension plans
• Timely information about implementing accounting updates
• Content that stands as an application guide for practitioners
• Checklist for preparers to help ensure that all required disclosures are completed

This thorough guide can help financial professionals successfully navigate the complexities of the latest governmental accounting standards. It is a practical resource for those who prepare the critical financial statements of government entities.

1
NEW DEVELOPMENTS

• Introduction
• Recently Issued Gasb Statements and their Effective Dates
• Exposure Drafts
  • Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans
  • Internal Revenue Code Section 457 Deferred Compensation Plans That Meet the Definition of a Pension Plan and Supersession of GASB Statement No. 32
  • Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements: Notes to Financial Statements
  • Implementation Guide Update – 2020
  • Replacement of Interbank Offered Rates
  • Public-Private and Public-Public Partnerships and Availability Payment Arrangements
  • Subscription-Based Information Technology Arrangements
• Preliminary Views
  • Financial Reporting Model Improvements
• Invitation to Comment
  • Revenue and Expense Recognition
• GASB Project Plan
• Summary

INTRODUCTION

The 2020 Governmental GAAP Guide incorporates all of the pronouncements issued by the Governmental Accounting Standards Board (GASB) through January 2019. This chapter is designed to keep the reader up to date on all pronouncements recently issued by the GASB and their effective dates, as well as to report on the Exposure Drafts, Preliminary Views, and Invitations to Comment (ITCs) for proposed new statements or interpretations that are currently outstanding. This chapter also includes relevant information on the GASB's Technical Agenda for the upcoming year to give readers information as to potential areas for future GASB requirements.

RECENTLY ISSUED GASB STATEMENTS AND THEIR EFFECTIVE DATES

	GASB Statement	Effective Date	Where in This Book
74	Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans	Fiscal years beginning after June 15, 2016	Chapter 22
75	Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions	Fiscal years beginning after June 15, 2017	Chapter 17
76	The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments	Periods beginning after June 15, 2015	Chapter 2
77	Tax Abatement Disclosures	Periods beginning after December 15, 2015	Chapter 9
78	Pensions Provided through Certain Multi-Employer Defined Benefit Plans	Periods beginning after December 15, 2015	Chapter 17
79	Certain External Investment Pools	Periods beginning after June 15, 2015	Chapter 12
80	Blending Requirements for Certain Component Units—An Amendment of GASB Statement No. 14	Periods beginning after June 15, 2016	Chapter 11
81	Irrevocable Split-Interest Agreements	Periods beginning after December 15, 2016	Chapter 12
82	Pension Issues—An Amendment of GASB Statements No. 67, No. 68, and No. 73	Periods beginning after June 15, 2016	Chapter 17
83	Certain Asset Retirement Obligations	Periods beginning after June 15, 2018	Chapter 14
84	Fiduciary Activities	Periods beginning after December 15, 2018	Chapter 8
85	Omnibus 2017	Periods beginning after June 15, 2017	Chapters 11, 12, 14, 17
86	Certain Debt Extinguishment Issues	Periods beginning after June 15, 2017	Chapter 15
87	Leases	Periods beginning after December 15, 2019	Chapter 19
88	Certain Disclosures Related to Debt, Including Direct Borrowings and Direct Placements	Periods beginning after June 15, 2018	Chapter 15
89	Accounting for Interest Costs Incurred before the End of a Construction Period	Periods beginning after December 15, 2019	Chapter 15
90	Majority Equity Interests—An Amendment of GASB Statements No. 14 and No. 61	Periods beginning after December 15, 2018	Chapter 11
91	Conduit Debt Obligations	Periods beginning after December 15, 2020	Chapter 15
92	Omnibus	Issuance/Periods beginning after June 15, 2020	Chapters 14, 17, 19, 21, 22

The GASB has a number of Exposure Drafts, Preliminary Views, and Invitations to Comment that it has issued, which will affect future accounting and financ...