#GAAP MEANING CODE#
Presented below is a system to classify all funds used by local government and the assignment of code numbers to identify each type of fund. In fund financial statements, governments should report governmental, proprietary, and fiduciary funds to the extent that they have activities that meet the criteria for using these funds. The focus of governmental and proprietary fund financial statements is on major funds. Fund financial statements should be used to report detailed information about primary government, including its blended component units. A fund is defined as a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations.
#GAAP MEANING MANUAL#
The BARS manual permits accounting and financial reporting that conforms to these principles in all respects and requires GAAP municipalities to account and report in conformity with these principles, except that the annual report required is not as extensive as the Annual Comprehensive Financial Report (ACFR).Ī governmental accounting system must make it possible both: (a) to present fairly and with full disclosure the funds and activities at the government in conformity with generally accepted accounting principles and (b) to determine and demonstrate compliance with finance-related legal and contractual provisions.Ī governmental accounting system should be organized and operated on a fund basis. Open Required Supplementary Information (RSI) sub menuģ.1 Accounting Principles and Internal Controlsģ.1.1 Fund Types and Accounting Principles Quick Linksģ.1.1.20 Accounting and reporting capabilitiesĬode 000 - General (Current Expense) FundĬodes 610-619 - Pension (and Other Employee Benefit) Trust FundsĬodes 620-629 - Private-Purpose Trust Fundsģ.1.1.100 Government-wide financial statementsģ.1.1.120 Budgeting, budgetary control and budgetary reportingģ.1.1.130 Transfer, revenue, expenditure and expense classificationsģ.1.1.140 Common terminology and classificationsģ.1.1.10 The following principles of accounting and financial reporting are based on those set forth in the Governmental Accounting Standards Board’s (GASB) Codification of Governmental Accounting and Financial Reporting Standards. Note X – Violation of Finance-Related Legal and Contractual Provisions.Note X – Unique and Unusual Transactions.Note X − Third Party Contractual Agreements.Note X – Service Concession Arrangements.Note X – Risk Pools – Risk Financing Limits.Note X – Risk Pools – Members’ Supplemental Assessments and Credits.Note X – Risk Pools – Excess Insurance Contracts/Reinsurance.Note X – Risk Management (for participating member of pool).Note X – Restricted Component of Net Position.Note X – Reconciliation of Government-Wide and Fund Financial Statements.Note X – Receivable and Payable Balances.
Note X – Paid Family Medical Leave Act Self-Insurance.
Note 1 – Summary of Significant Accounting Policies.Coming in Fiscal Year 2023 (GAAP and Cash).Use of Deadly Force Investigation Reports.
0 kommentar(er)
