... has always placed a premium on economic substance over legal form. Accordingly, financial ... statements prepared using the economic resources measurement focus. The ED also proposes to clarify...
In 2004, City of Gardena was unable to meet its obligations on $26 million in debt. The authors examined City of Gardena financial reporting as of June 30, 2004 and 2003 to determine if the publicly available financial reports adequately disclosed the situation. Information about the long-term debt was properly displayed in the financial statements and disclosed in notes. There was no mention of the situation in the MD&A either year. The auditors' did not include an explanatory paragraph highlighting the debt, nor did they issue a 'substantial doubt about the ability to continue to exist as a going concern' report. This paper examines existing accounting and auditing standards to determine their adequacy to protect the public interest.
... who have limited authority, ability, or resources to obtain information and who therefore rely on th... and local governments is used in making economic, social, and political decisions and in assessing ... using the flow of economic resources measurement focus and the accrual basis of accounting; and. - ...
... of the recent move in the private sector to focus on codification changes rather than individual pro... framework issues relating to measurement attributes. In response to a FASAB request, the GA... financial statements prepared using the economic resources measurement focus JWL. Copyright Governm...
... statements that are prepared using the economic resources measurement focus and the accrual basis ...
... of financial statements--measurement focus and basis of accounting. The measurement focus of ... statements prepared using either the "economic resources" measurement focus or the "near-term fin...
... accountability and usefulness for making economic, social, and political decisions. The concepts sta... to provide additional financial resources for governments to use for other purposes--governm...The flow of economic resources measurement focus and accrual basis of accounting are not desi...
GASB Statement No. 48, Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfers of Assets and Future Revenues, establishes as a basic principle that the sale of a future revenue stream should not result in the recognition of revenue earlier than would have been the case without the sale. SGAS 48 clarifies that a government's continued servicing of a receivable account does not violate the last criterion (i.e., limited access to cash collections), provided that certain conditions are met. SGAS 48 48 presumes that payments received in exchange for the right to cash flows associated with specific receivables and specific future revenues should be treated as a pledge (i.e., secured loan). The treatment of the payment received by the government and subsequent remittanc...
... entity? What about movements of resources associated with an authority that issues bonds in ... Accounting and financial reporting properly focus on economic substance rather than legal form. What... the counterparty would depend on the measurement focus and basis of accounting used:. * Economic re...
Traditionally, Concepts Statements garner much less attention from constituents of the Governmental Accounting Standards Board (GASB) than the Statements of governmental accounting standards that GASB has issued, but in the author's view they are no less important. The primary goal of GASB's conceptual framework -- to date comprising five Concepts Statements -- is to set the underlying philosophy and the boundaries for judgment that will guide GASB in resolving accounting and financial reporting issues brought before the board. Being able to refer readily to the conceptual framework is a great benefit to high-quality standards-setting. Consistent standards born of a solid conceptual framework also are more predictable. Because they deal with the most fundamental issues in accounting and...
... constitutes an inflow or outflow of resources, for example, or whether a particular type of info...Instead of focusing solely on the ability to produce cash, GASB's defi...GASB's project on recognition and measurement attributes, like the projects that led to the conc... to financial statements that employ the economic resources measurement focus, that the most appropr...
... for derivatives depends on the measurement focus and basis of accounting employed in a given set of financial statements:. * Economic resources measurement focus and accrual basis of a...
...I focus the analysis on subsamples of income-eligible male... these data to determine the extent of measurement error in weight (and height) and finds that those ...The Journal of Human Resources 38:1139-79. . Bollinger, Christopher R., and Marti...
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