美国CPA考前复习：政府会计

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　　Governmental accounting（Part B）

　　GASB 34 is the governmental reporting standards

　　Governmental reporting = Basic financial statements（F/S）+Required supplementary information（RSI）

　　F/S=government-wide financial statements+fund financial statements+notes

　　RSI=Management‘s discussion and analysis（MD&A）etc.

　　Two types of accountability focused by governmental reporting.

　　Operational accountability focus is to report the extent to which the government has met its operating objectives efficiently and effectively，using all resources available for that purpose，and the extent to which it can continue to meet its objectives for the future.

　　Fiscal accountability focus is to demonstrate that government entity‘s actions in the current period has complied with public decisions concerning the raising and spending of public funds in the shouirt-term.

　　The integrated approach requires financial accounting and disclosure to show operational（government-wide F/S）and fiscal（fund F/S）accountability individually and to show the relationship between operational and fiscal accountability through a reconciliation.

　　Required reporting for general purpose government units include：

　　Management‘s Discussion and Analysis（MD&A）

　　Government-wide F/S（Statement of Net Position+Statement of Activities）

　　Fund Financial Statements

　　Notes to Financial Statements

　　Required Supplementary Information（RSI）other than MD&A

　　Other supplementary Information

　　Government-wide F/S include “Statement of Net Position” +“Statement of Activities”

　　Governmental Funds F/S include “Balance Sheet”+“Statement of Revenues，Expenditures，and Changes in Fund Balances”

　　Proprietary Funds F/S include “Statement of Net Position”+“Statement of Revenues，Expenses，and Changes in Fund Net Position”+“Statement of Cash Flows”

　　Fiduciary Funds F/S include “Statement of Fiduciary Net Position”+“Statement of Changes in Fiduciary Net Position”

　　RSI include “Pension”+“Budgetary comparison schedules”+“Infrastructure information and assets using the modified approach”

　　Optional reporting-Comprehensive Annual Financial Report（CAFR）

　　CAFR=Introductory section+Required reporting+Statistical section.

　　Introductory section=letter of transmittal+Organizational chart+List of principal officers

　　Statistical section=10 years of selected financial data+10 years of economic data+other data

　　The financial reporting entity classification

　　1st tier Primary government Vs.Component（“SELF” test）

　　2nd tier Component unit‘s Blended presentation Vs. Discrete presentation（“SON” test）

　　A primary government consists of all organizations that make up the legal government entity.The primary government is considered the nucleus of the financial reporting entity.（联邦政府，州政府，县政府）

　　A component unit of a primary government is a legally separate organization for which the elected officials of the primary government are financially accountable.It may also be a separate organization，but its nature and the significance of its relationship with the primary government are such that exclusion of the unit‘s information would cause the primary government’s financial statements to be misleading or incomplete.（县教委， 县公安局）

　　If an unit meet ALL the three criteria（“Self”），then it is a primary government.

　　“Self”：Has a separately-elected governing body？

　　“Self”：Is legal separate？

　　“Self”：Is fiscally independent of other state and local governments？

　　If an unit NOT meet ALL the three criteria（“Self”），then it is a component unit.

　　If a component unit meet ANY the three criteria（“Son”），then it should use blended presentation（rare）。县办的信息披露

　　“Son”：The board of the primary government is same as the component unit？

　　“Son”：The component unit only serve the primary government（exclusively service）

　　“Son”：The organization does not qualify as a legal entity.

　　If an unit NOT meet Any the three criteria（“Son”），then it should use discrete presentation（most often）。县教委的信息披露

　　Blended presentation is preferred

　　Combines financial information with the primary government

　　Financial information of the component unit is not presented in separate columns.

　　Discrete presentation is preferred

　　Displays component units in separate columns

　　F/S of the reporting entity should provide an overview of the entity based on financial accountability.

　　Most component units should use discrete presentation.

　　Reporting Not-for-Profit entities as a Component Unit of Government

　　Not-for-Profit organizations that provide ongoing support to a primary government or to a component unit of that primary government may also be a component unit of the primary government. E.g. private foundations associated with state universities or public health care facilities.

　　Criteria for Discrete Presentation–meet ALL of ABS（防锁死刹车系统/树脂）

　　Access：The primary government must have access to the resources of the private not-for-profit organization

　　Benefit：The private organization must be for the near exclusive benefit of the primary government.

　　Significance：Resources of the private not-for-profit organization must be significant to the primary government.

　　If a legally separate and tax-exempt organizations meet ALL of the “ABS”，it should be reported as a discrete component.

　　Governmental reporting summary（F9-10）is very important.Please scrutinize it.

　　Required reporting for general purpose government units include：

　　Management‘s Discussion and Analysis（MD&A）

　　Government-wide F/S（Statement of Net Position+Statement of Activities）

　　Fund Financial Statements

　　Notes to Financial Statements

　　Required Supplementary Information（RSI）other than MD&A

　　Other supplementary Information

　　Management‘s Discussion and Analysis（MD&A）is a narrative that provides a brief，objective，and easily readable analysis of the government’s financial activities based upon currently known facts，decisions，and conditions.The following should be included（F9-11）：

　　Description of the F/S

　　Identity of the primary government and discrete component units

　　Economic conditions and outlook

　　Major initiatives

　　Government-wide Financial Statement（GW F/S）use the economic resources measurement focus and the full accrual basis of accounting.

　　GW F/S includes all assets and liabilities over which a government has control or responsibility.

　　Therefore，fiduciary funds are excluded，but governmental funds，proprietary funds，and the component units are included.

　　GW F/S include “Statement of Net Position” and “Statement of Activities”

　　Statement of Net Position–a consolidated statement

　　Net Position=Assets–Liabilities

　　Net Position=Net investment in capital assets+Restricted+Unrestricted

　　GASB 34 reporting model requires that capital assets，including infrastructure assets，be included in the government-wide F/S.

　　Infrastructure asset refers to streets，bridges，gutters，and other assets of the government.

　　Infrastructure asset are recorded as general capital asset.They are only reported on the government-wide F/S.

　　Capitalization of construction period interest is not required for capital assets used in the governmental activities.

　　Required Vs. Modified Approach（subsequent measurement）

　　Required approach（for GASB 34 Depreciation of Capitalized Assets）。Depreciation expense that can be specifically identified with a functional category should be included in the direct expenses of that function.

　　Modified Approach （for GASB 34 Depreciation of Capitalized Assets）。Infrastructure assets that are part of a network or subsystem of a network are not required to be depreciated provided two requirements are met. Under the modified approach， infrastructure expenditures are typically reported as expenses， unless the outlays result in additions or improvements，in which case they would be capitalized.

　　Two requirements=Qualified Asset Management System+Disclosed Asset Preservation.

　　Qualified Asset Management System means

　　的合格资产清单

　　可计量的合格资产状况汇总

　　可估计的年度合格资产维保支出

　　Disclosed Asset Preservation

　　至少每三年进行一次彻底评估

　　评估结果证明合格资产的现状不差于政府设定并披露的标准

　　例子：X市考虑对排水管网采用modified approach. X市设定的排水标准为五年一遇。如果符合上述两标准，则可采用此方法。

　　RSI includes 1）reporting of the condition of the government‘s infrastructure；2）a comparison schedule of needed and actual expenditures to maintain the government’s infrastructure.

　　Change from required approach to modified approach or reverse，is accounting estimation change.

　　Impairment assessment are required.

　　Artwork and historical treasures

　　GR：Collection is capitalized on historical cost or fair value

　　SR：Not Capitalize. Need meet three conditions：

　　The collection is held for public exhibition

　　The collection is protected

　　The proceeds from sales of collection items to be used to acquire other items for collections

　　Interfund Activity

　　Within Government funds or Enterprise Fund，eliminated

　　Between Government fund and Enterprise Fund，reported as “Internal balances”

　　Between Government / Enterprise Funds and Fiduciary Funds reported as if external parties.

　　Statement of Activities is a consolidated statement of all governmental and business-type activities.It uses program approach.

　　The program approach provides cost information about the primary functions of the government and indicates each program‘s dependence on the general revenues of the government.

　　“BASE”of net position–Subtract（F9-19 上半部分）

　　In row direction，functions and programs are classified into three categories：

　　Primary government governmental activities

　　Primary government business-type activities

　　Component units

　　In column direction，there are expenses，indirect expenses allocation，and program revenue which is contain three 2nd tier revenues（“SOC”）

　　Charges for Services

　　Operating grants and contributions

　　Capital grants and contributions

　　Charges for services are revenues based on exchange or exchange-like transactions. E.g.water and sewer fee，building permits，housing prisoners， fines，and forfeitures，etc.

　　Operating / Capital grants and contributions are mandatory and voluntary NON-Exchange transactions，restricted for use in a particular program.

　　“BASE”of net position-Add（F9-19下半部分）

　　General revenues=taxes+interest earnings+other revenue

　　Special items and unusual OR infrequent and are within the control of management.

　　Internal service fund activity should generally be reported in the governmental activities column.

　　Fund F/S are required for the governmental，proprietary，and fiduciary funds.

　　GASB34 emphasize reporting by major fund.

　　Major fund must meet the 10% criteria within its category and also meet the 5% criteria associated with both categories.

　　Major fund criteria–Individual fund‘s total assets/liabilities/revenues/expenditures/expenses/deferred outflows of resources/deferred inflows of resources（类似Segment）

　　>=10% all Government Funds OR Enterprise Funds,And
　　>=5% all Government Funds AND Enterprise Funds,

　　The general fund will always be a major fund

　　Internal service funds are not considered in the evaluation of major and nonmajor funds.

　　Reconciliation of Governmental Fund F/S to Government-wide F/S

　　Reconcile from fund balance to net position（GLAS + BARE）

　　Reconcile from net change in fund balances to the change in net position（GOES+BARE）

　　时点调整：GLAS+BARE

　　Governmental funds balance

　　Less：non-current Liability

　　Add：non-current Assets

　　Service（internal）fund net position

　　Basis of accounting

　　Accrued

　　Revenues and Expenses

　　时期调整：GOES+BARE

　　Governmental funds net change

　　Other financing sources

　　Expenditure–capital outlay（net of depreciation）

　　Service（internal）fund net position

　　Basis of accounting

　　Accrued

　　Revenues and Expenses

　　基金合并成报告，时点时期要调整。

　　时点GLAS气（期）GOES，后果严重要裸奔（Bare）。

　　时点加减非流动，时期减加债固资。

　　内服两者都调整，裸奔长收与预提。

　　长收账期超六十，预提多与固相关。

　　GLAS，GOES，附BARE，调整分录已完成

　　Proprietary Funds require “Statement of Net Position”，“Statement of Revenues，Expenses，and Changes in Fund Net Position”，“Statement of Cash Flows”

　　The Cash flows similar to commercial enterprise，with seven difference.

　　There are four categories.The financing activities are classified as “Capital and related financing activities”+“Noncapital financing activities”

　　Interest income/cash receipts are reported as “investing activities”

　　Interest expense/cash payments are either “Capital and related financing” or “Noncapital financing”

　　Capital asset purchases are reported as “financing activities”。

　　For other 3 points，please refer to F9-29

　　Fiduciary Funds require “Statement of Fiduciary Net Position” and “Statement of Changes in Fiduciary Net Position”

　　Refer to F9-32

　　Notes to the Financial Statements considered integral to the F/S.Notes should focus on the primary government. The main discloses：

　　A description of government-wide activities.

　　Policies relating to elimination of internal activity.

　　Description of the modified approach for reporting infrastructure.

　　The length of time used to define“available”in determining revenue recognition under the modified accrual basis（60 days）

　　Required Supplementary Information

　　Budgetary Information–original budget，final amended budget，and actual amounts.

　　Infrastructure Information–assessed condition of infrastructure，and estimated annual amount to maintain the preserve infrastructure for each of the past five years.

　　Pension Information for 10 most recent fiscal years

　　Sources of changes

　　Information about the components

　　Significant methods and assumptions

　　Annual money-weighted rate of return

　　Explanation of trends in changes in benefit terms/in the population/in assumptions.

　　Other Supplementary Information

　　Combining statements for nonmajor funds

　　Variance between originally adopted budget and final amended budget

　　Variance between final amended budget and actual.

　　Interfund activity represents the flow of resources between funds and between the primary government and its component units.It can be classified as “Reciprocal” and“Non-reciprocal”interfund activity.

　　Reciprocal interfund activity include“interfund loans”and“interfund services provided and used”。

　　Non-reciprocal interfund activity include“interfund transfers”and“interfund reimbursement”。

　　Interfund transfers are normally displayed as other financing sources and uses after non-operating revenues and expenses.

　　Interfund reimbursements are not displayed as interfund transactions.

　　F/S elimination and display

　　Eliminate activity within governmental activities

　　Eliminate activity within business-type activities

　　Eliminate activity between governmental activities and business-type activities.

　　Report the transaction between the primary government and its fiduciary funds，as if between external parties.

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