Chapter 22: Specialized Transactions and Events

In this section

• Nonexchange Revenues (Taxes, Grants) – Major Categories under GASB
  Learn how to classify and recognize nonexchange revenues, including taxes and grants, under GASB guidelines. Explore imposed and derived tax revenues, eligibility criteria, measurement, and practical illustrations.
• Net Pension Liability and OPEB
  Explore the comprehensive measurement, recognition, and reporting requirements for Net Pension Liability and Other Post-Employment Benefits (OPEB) under government accounting standards.
• Interfund Transactions in State and Local Government Accounting
  A thorough overview of reciprocal and nonreciprocal interfund transactions, including interfund services, transfers, reimbursements, and best practices in government accounting.
• Closing Entries and ACFR Components
  Explore essential steps for closing governmental fund accounts and compiling a robust Annual Comprehensive Financial Report (ACFR), including budgetary reconciliations, fund balance adjustments, and report structuring per GASB guidance.