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(i) Measurement Focus The government-wide and enterprise funds nancial statements should be prepared using the economic resources measurement focus and the accrual basis of accounting Assets, liabilities, revenues, expenses, and gains and losses that result from exchange transactions and exchange-like transactions should be reported when the transactions occur (In an exchange-like transaction, the resources or services exchanged, though related, may not be quite equal or the direct bene ts may not be exclusively for the parties to the transactions Nevertheless, the transactions are similar enough to exchanges to justify treating them as exchanges) Assets, liabilities, revenues, expenses, and gains and losses that result from nonexchange transactions should be reported as discussed elsewhere in this chapter Reporting on governmental and business-type activities should conform with all applicable GASB pronouncements plus the following pronouncements issued on or before November 30, 1989, unless they con ict with or contradict GASB pronouncements:
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FASB Statements and Interpretations, except that FASB Statement No 71 applies to only
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governments that have qualifying enterprise funds
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APB Opinions; changes in accounting principles, addressed in APB Opinion No 20, should
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be reported as restatements of beginning net assets/fund equity
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Governments may apply all FASB Statements and Interpretations issued after November 30, 1989, except for those that con ict with or contradict GASB pronouncements They are encouraged to apply the same FASB pronouncements for all enterprise funds (ii) Basis of Accounting The basis of accounting determines when revenues, expenditures, expenses, and transfers and the related assets and liabilities are recognized in the accounts and reported in the nancial statements Speci cally, it relates to the timing of the measurements made, regardless of the measurement focus For example, whether depreciation is recognized depends on whether expenses or expenditures are being measured rather than on whether the cash or accrual basis is used
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Cash Basis Under the cash basis of accounting, revenues and transfers in are not recorded in the accounts until cash is received, and expenditures or expenses and transfers out are recorded only when cash is disbursed The cash basis is frequently encountered, but its use is not generally accepted for any governmental unit With the cash basis, it is dif cult to compare expenditures with services rendered, because the disbursements relating to those services may be made in the scal period following that in which the services occurred Also, statements prepared on a cash basis do not show nancial position and results of operations on a basis that is generally accepted Accrual Basis Under the accrual basis of accounting, most transactions are recorded when they occur, regardless of when cash is received or disbursed Items not measurable until cash is received or disbursed are accounted for at that time The accrual basis is considered a superior method of accounting for the economic resources of any organization because it results in accounting measurements that are based on the substance of transactions and events, rather than merely on the receipt or disbursement of cash Modi ed Accrual Basis As indicated previously, the nancial ows of governments, such as taxes and grants, typically do not result from a direct exchange for goods or services and thus cannot be accrued based on the completion of the earnings process and an exchange taking place Governments have thus devised the susceptible to accrual concept as the criterion for determining when in ows are accruable as revenue A revenue is susceptible to accrual when it is both measurable and available to nance current operations An amount is measurable when the precise amount is known because the transaction is completed, or when it can be accurately
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344 GOVERNMENTAL ACCOUNTING PRINCIPLES AND PRACTICES
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estimated using past experience or other available information An amount is available to nance operations when it is: (1) physically available, that is, collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period; and (2) legally available, that is, authorized for expenditure in the current scal period and not applicable to some future period On the expenditure side, a government s main concern, for governmental funds at least, is to match the nancial resources used with the nancial resources obtained This measure of whether current-year revenues were suf cient to pay for current-year services is referred to as interperiod equity A measure of interperiod equity shows whether current-year citizens received services but shifted part of the payment burden to future-year citizens or used up previously accumulated resources Conversely, such a measure would show whether current-year revenues were not only suf cient to pay for current-year services, but also increased accumulated net resources This adaptation of the accrual basis to the conditions surrounding government activities and nancing has been given the term modi ed accrual Modi ed accrual is currently used in all governmental fund types (ie, the general fund, special revenue funds, etc) where the intent is to determine the extent to which provided services have been nanced by current resources In proprietary funds the objective is to determine net income, and the accounting should be essentially the same as commercial accounting Hence, proprietary funds use the economic resources measurement focus and the accrual basis without the need for modi cation described above (iii) Revenue Transactions The modi ed accrual basis of accounting is applied in practice for ve different revenue transactions as follows: 1 Property taxes are recorded as revenue when the taxes are levied, provided that they apply to and are collected in the current period or soon enough thereafter to nance the current period s expenditures The period after year end generally should not exceed 60 days The amount recorded as revenue should be net of estimated uncollectible taxes, abatements, discounts, and refunds (Property taxes that are measurable but not available and hence not susceptible to accrual should be deferred and recognized as revenue in the scal year they become available) 2 Taxpayer-assessed income, gross receipts, and sales taxes should be recorded as revenues when susceptible to accrual 3 Miscellaneous revenues such as nes and forfeits, athletic fees, and inspection charges are generally recognized when cash is received because they are usually not measurable and available until they are received 4 Grants should be recorded when the government has an irrevocable right to the grant If expenditure of funds is the prime factor for determining eligibility for the grant funds, revenue should be recognized when the expenditure is made A more detailed discussion of grant accounting is provided in Subsection 3412 5 Interest earned on special assessment levies may be accrued when due rather than when earned if it approximately offsets interest expenditures on special assessment indebtedness that is also recorded when due Escheat property, which is assets reverted to a governmental entity in the absence of legal claimants or heirs, should be reported in government-wide and fund nancial statements generally as an asset in the governmental or proprietary fund to which the property ultimately escheats If held for individuals, private organizations, or another government, it should be reported in a private-purpose trust fund or an agency fund, as appropriate (or in the governmental or proprietary fund in which escheat property is otherwise reported, with a corresponding liability) Escheat revenue on escheat property reported in governmental or proprietary funds should be reduced and a governmental or proprietary fund liability reported to the extent that it is probable that escheat property will be reclaimed and paid to claimants The liability should represent the best estimate of the amount ultimately expected to be reclaimed and paid, giving effect to such
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