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a Popular election of of cers or appointment (or approval) of a controlling majority of the members of the organization s governing body by of cials of one or more state or local governments; b The potential for unilateral dissolution by a government with the net assets reverting to a government; or c The power to enact and enforce a tax levy Furthermore, organizations are presumed to be governmental if they have the ability to issue directly (rather than through a state or municipal authority) debt that pays interest exempt from federal taxation However, organizations possessing only that ability (to issue tax-exempt debt) and none of the other governmental characteristics may rebut the presumption that they are governmental if their determination is supported by compelling, relevant evidence
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344 GOVERNMENTAL ACCOUNTING PRINCIPLES AND PRACTICES
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(a) SIMILARITIES TO PRIVATE SECTOR ACCOUNTING Since the accounting principles and practices of governments are part of the whole body of GAAP, certain accounting concepts and conventions are as applicable to governmental entities as they are to accounting in other industries:
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Consistency Identical transactions should be recorded in the same manner both during a
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period and from period to period
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Conservatism The uncertainties that surround the preparation of nancial statements are
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re ected in a general tendency toward early recognition of unfavorable events and minimization of the amount of net assets and net income Historical Cost Amounts should be recognized in the nancial statements at the historical cost to the reporting entity Changes in the general purchasing power should not be recognized in the basic nancial statements Matching The nancial statements should provide for a matching, but in government it is a matching of revenues and expenditures with a time period to ensure that revenues and the expenditures they nance are reported in the same period Reporting Entity The focus of the nancial report is the economic activities of a discrete individual entity for which there is a reporting responsibility Materiality Financial reporting is concerned only with signi cant information Full Disclosure Financial statements must contain all information necessary to understand the presentation of nancial position and results of operations and to prevent them from being misleading
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(b) USERS AND USES OF FINANCIAL REPORTS Users of the nancial statements of a governmental unit are not identical to users of a business entity s nancial statements The GASB Concepts Statement No 1 identi es three groups of primary users of external governmental nancial reports: 1 Those to Whom Government Is Primarily Accountable The Citizenry The citizenry group includes citizens (whether they are classi ed as taxpayers, voters, or service recipients), the media, advocate groups, and public nance researchers This user group is concerned with obtaining the maximum amount of service with a minimum amount of taxes and wants to know where the government obtains its resources and how those resources are used 2 Those Who Directly Represent the Citizens Legislative and Oversight Bodies The legislative and oversight of cials group includes members of state legislatures, county commissions, city councils, boards of trustees, and school boards, and those executive branch of cials with oversight responsibility over other levels of government These groups need timely warning of the development of situations that require corrective action, nancial information that can
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344 GOVERNMENTAL ACCOUNTING PRINCIPLES AND PRACTICES
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serve as a basis for judging management performance, and nancial information on which to base future plans and policies 3 Those Who Lend or Participate in the Lending Process Investors and Creditors Investors and creditors include individual and institutional investors and creditors, municipal security underwriters, bond-rating agencies (Moody s Investors Service, and Standard & Poor s, etc), bond insurers, and nancial institutions The uses of a government s nancial reports are also different GASB Concepts Statement No 1 also indicates that governmental nancial reporting should provide information to assist users in (1) assessing accountability and (2) making economic, social, and political decisions by:
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