Course Objectives Sources of GAAP, etc. · Some states specifically require governmental accounting...
Transcript of Course Objectives Sources of GAAP, etc. · Some states specifically require governmental accounting...
Course ObjectivesSources of GAAP, etc.
Some states specifically require governmental accounting course
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Granof-5e 6Chapter 2
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GASB argues that differences in objectives and purpose are critical and justify different accounting and reporting
FASB treats not-for-profit entities like a “special industry”
Approach of New Zealand and Australia Basically applying IFRS to
governments and charities Some special guidance
provided (beyond IFRS) to take care of special transactions
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Depends on who you ask!
Let’s think of differences…
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“ACCOUNTABILITY is the cornerstone of all financial reporting in government,” (GASB Concepts Statement No. 1, par. 56). What do we mean by accountability? How does “interperiod equity” relate
to accountability? These questions are very important!
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Actual lecture slides will be posted as we go along
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