Governmental Accounting Sources FASAB and GASB Accounting and Auditing Research and Databases: Practitioner’s Desk Reference Book

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Governmental Accounting Sources FASAB and GASB Accounting and Auditing Research and Databases: Practitioner’s Desk Reference Book

financial reporting standards

However, when writing off receivable, specific procedures must be followed to properly reflect the actions on the income statement. Detailed write-off procedures and the accounting for the amounts written off on the income statement are identified in 4 FAM 490. Accounting records are closed as of the end of the period for which reports are to be prepared so that all transactions, and only such transactions posted during that period, are included. Accounts and records are maintained to facilitate periodic reconciliation with the accounting records of the U.S. The handling of cash resources must be in accordance with all requirements, e.g., the U.S. The Department will conform to prescribed guidelines and procedures within its accounting system in accordance with the Congressional Budget and Impoundment Control Act of 1974. Budgetary authority may be temporarily withheld from obligation through the apportionment process for anticipated recisions, fiscal policy considerations, or for other reasons.

Despite its lofty status in the discipline of accounting, FASAB has an identity problem. Although FASAB has been around for approximately 13 years, it is not well known within the accounting profession, not by academics or public or private practitioners.

Governmental Accounting Sources (FASAB and GASB)

Types and extent and cost of coverage are in accordance with the non-Federal entity’s policy and sound business practice. Costs of insurance required or approved and maintained, pursuant to the Federal award, are allowable. Idle facilities means completely unused facilities that are excess to the non-Federal entity’s current needs. Facilities means land and buildings or any portion thereof, equipment individually or collectively, or any other tangible capital asset, wherever located, and whether owned or leased by the non-Federal entity. Compensation for the use of the property was provided through use allowances in lieu of depreciation. Costs related to the physical custody and control of monies and securities are allowable. Where the depreciation method is introduced to replace the use allowance method, depreciation must be computed as if the asset had been depreciated over its entire life (i.e., from the date the asset was acquired and ready for use to the date of disposal or withdrawal from service).

financial statements

The Federal awarding agency must comply with the guidelines on governmentwide suspension and debarment in 2 CFR part 180, and must require non-Federal entities to comply with these provisions. These provisions restrict Federal awards, subawards and contracts with certain parties that are debarred, suspended or otherwise excluded from or ineligible for participation in Federal programs or activities. See also suspension and debarment requirements at 2 CFR part 180 as well as individual Federal agency suspension and debarment regulations in title 2 of the Code of Federal Regulations. The requirements established in this part apply to Federal agencies that make Federal awards to non-Federal entities.


Often, analytical reviews may be used to monitor other underlying control procedures. Access controls, however, do not prevent individuals who have authorized access to assets from misappropriating them. Individuals who have authorized access to both assets and related accounting records may be in a position to conceal shortages of assets in the records.


Cost of idle facilities or idle capacity means costs such as maintenance, repair, housing, rent, and other related costs, e.g., insurance, interest, and depreciation. These costs could include the costs of idle public safety emergency facilities, telecommunications, or information technology system capacity that is built to withstand major fluctuations in load, e.g., consolidated data centers. If the non-Federal entity is instructed by the Federal awarding agency to otherwise dispose of or transfer the equipment the costs of such disposal or transfer are allowable.

I. Financial Accounting Standards Board («FASB»)

Advance payments to a non-Federal entity must be limited to the minimum amounts needed and be timed to be in accordance with the actual, immediate cash requirements of the non-Federal entity in carrying out the purpose of the approved program or project. The timing and amount of advance payments must be as close as is administratively feasible to the actual disbursements by the non-Federal entity for direct program or project costs and the proportionate share of any allowable indirect costs.

  • This section specifies the actions the non-Federal entity and Federal awarding agency or pass-through entity must take to complete this process at the end of the period of performance.
  • Subrecipient means an entity, usually but not limited to non-Federal entities, that receives a subaward from a pass-through entity to carry out part of a Federal award; but does not include an individual that is a beneficiary of such award.
  • The difference between these central service amounts and the amounts ultimately approved will be compensated for by an adjustment in a subsequent period.
  • The provisions of this part do not limit the authority of Federal agencies to conduct, or arrange for the conduct of, audits and evaluations of Federal awards, nor limit the authority of any Federal agency Inspector General or other Federal official.
  • Approximately 32 letters were received, most of which generally supported the ED as proposed.

Enhance the understandability and usefulness of the annual financial reports to users of these reports to enable them to make more informed economic, social, and political decisions. The CPA Journal is broadly recognized as an outstanding, technical-refereed publication aimed at public practitioners, management, educators, and other accounting professionals.

If no information on the topic is given at the higher levels, the accountant should look to the next level for relevant pronouncements. Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University.

  • If the Federal awarding agency receives applications in another currency, the Federal awarding agency will evaluate the application by converting the foreign currency to United States currency using the date specified for receipt of the application.
  • Except as provided elsewhere in these principles, the costs of fringe benefits are allowable provided that the benefits are reasonable and are required by law, non-Federal entity-employee agreement, or an established policy of the non-Federal entity.
  • School districts that receive federal commodities during the year should recognize the fair value as revenue in the period when all eligibility requirements are met .
  • The Export-Import Bank of the U.S., Smithsonian Institution, National Railroad Retirement Investment Trust, and calendar year-end federal entities are not required to submit an interim legal representation letter and Management Schedule.

These advances are generally called leasehold prepayments and posted in a subsidiary ledger by Standard Released On Gaap Hierarchy For Federal Government Entities and/or lessee name. Essentially, the amounts are considered as recoverable if the lease-rental agreements are terminated prior to expiration dates. If the advance payment is for a period exceeding 30 days, a pro rata share is deducted from the amount of the prepayment for each month. The amount of the leasehold in each case is progressively reduced and treated as an applied cost.

“Key subject matters” are notes, Required Supplementary Information , or Other Information identified as being affected by new or updated FASAB/FASB standards and notes, RSI, and OI that include topics that are prevalent in the current socioeconomic climate. Fiscal Service will work with the significant entities in developing the list of “key” subject matters after the FR is published and before the TFM Year-end Closing Bulletin for the next reporting year is published. Significant entities must submit unaudited interim financial statements, notes, and a completed Budget Deficit template, as of June 30, in accordance with OMB Circular No.

VOYA FINANCIAL, INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (form 10-K) –

VOYA FINANCIAL, INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (form 10-K).

Posted: Fri, 24 Feb 2023 21:24:10 GMT [source]

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