Chapter 5: State and Local Government Concepts (Expanded Coverage)

In this section

• Measurement Focus and Basis of Accounting (Current vs. Economic Resources)
  Explore the key principles of measurement focus and basis of accounting in state and local government reporting, distinguishing how current financial resources and the economic resources measurement focus affect the recognition and reporting of transactions.
• Governmental, Proprietary, Fiduciary Funds (Types and Major vs. Nonmajor Funds)
  Discover essential insights into the classification of state and local government funds, including Governmental, Proprietary, and Fiduciary funds. Learn how to identify Major vs. Nonmajor funds, understand their reporting significance, and explore real-world examples for effective financial statement preparation.
• Government-Wide vs. Fund-Level Statements and Required Reconciliations
  Explore how government-wide and fund-level statements differ, and learn step-by-step reconciliation techniques for state and local governments, highlighting best practices and avoiding common pitfalls.
• Budgetary Accounting, Encumbrances, and Appropriations
  Explore the foundational concepts of budgetary accounting, encumbrances, and appropriations for state and local governments, including how budgets are recorded and the differences between appropriations and actual expenditures.
• MD&A Requirements, Required Supplementary Information (RSI)
  Comprehensive guidance on state and local government MD&A, RSI requirements, budgeting comparisons, and pension disclosures, fulfilling key GASB mandates.
• Illustrative Examples (Basic Transactions and Sample Disclosures)
  Comprehensive government accounting illustrations covering property tax levies, bond issuance, intergovernmental grants, and related disclosures.