Question

What section of GASB addresses the reporting of an art piece donated to a City?

What section of GASB addresses the revenue recognition when right of return exists?

What section of GASB discusses the number of funds established by an entity and what is the general rule for the number of funds?

What section of GASB discusses whether interfund loan can be presented with a net balance?

What section of GASB defines appropriation?

Answer the following questions

What are the full names and titles of all GASB pronouncements issued in 2012?

What is the net operating revenues in 2017 for FASB as reported by FAF Audited financial statements? How much were the accounting support fees for GASB in 2017?

Where is the pathway for GASB standards illustrated (you can put the URL).

Read GASB White Paper on “Why Governmental Accounting and Financial Accounting is – and Should be – Different”.

What are the five difference between Governments and Businesses? Provide an illustrative examples.

How does GASB distinguish between investors and creditors?

Answer 1

1. Statement 34 of GASB addresses the reporting of an art piece donated to a city
2. Statement 62 of GASB addresses the revenue recognition when right to return exists.
3. Statement 6 of GASB and Section 1100 discusses the number of funds established by an entity. The general rule for number of funds is
4. GASB Statement 34 Implementation Procedures: Elimination of Internal Activities and Balances discusses whether interfund loan can be represented as a net balance.
5. Full names and titles of all GASB pronouncements issued in 2012 are:

• Statement 67 Financial Reporting for Pension Plans—an amendment of GASB Statement 25
• Statement 66 Technical Corrections—2012—an amendment of GASB Statement 10 and 62
• Statement 65 Items Previously Reported as Assets and Liabilities

1. The net operating revenue in 2017 for FASB as reported by FAF Audited financial statements is $50168000. The accounting support fees for GASB in 2017 is $8309000.
2. pathway for GASB standards illustrated is: https://www.gasb.org/jsp/GASB/Page/GASBLandingPage&cid=1176160042327
3. The five difference between Governments and Businesses are:

• The principal purpose of governments is to provide services that enhance or maintain the well-being of their citizens. However, the private sector generally would not provide those services at the quantity, quality, and price considered appropriate by public policy.
• Taxes are the principal source of revenue for general purpose and many special-purpose governments. Taxation is a nonexchange transaction between individual citizens and businesses and their government. From the perspective of citizens and businesses, tax transactions are legally mandated and involuntary—it is very difficult for them to avoid being involved in the transaction and paying the taxes. The principal source of revenue of business enterprises, on the other hand, is voluntary exchange transactions between willing buyers and sellers.
• Governments typically have greater longevity than business enterprises. For example, some governments trace their origins to the original 13 colonies. Governments rarely need to consider liquidating because of a combination of factors, including the power to tax, the nature of and need for the services provided, and a lack of market competition (with the exception of certain entities such as public hospitals and universities). From time to time, governments may combine through a merger or acquisition, but they continue to provide basic services.
• Government operations generally are not financed through equity ownership. Ownership interests in business enterprises may be bought and sold, but this is uncommon in government. Therefore, governments have no compelling reason to frame or orient financial statements in a way that is primarily focused on facilitating decisions of an equity market or of equity investors, which typically use financial reporting to assess the value of their ownership interest and whether that value is increasing or decreasing.
• One can view governments as being “owned” by the public similar to how business enterprises are owned by their shareholders. However, the public’s “ownership” is on an involuntary basis through paying taxes and receiving certain services from their government, as determined collectively through elections or decisions of elected representatives. Shareholders on the other hand, voluntarily choose to invest in a business enterprise and do not demand services from the business enterprise; rather, they demand a financial return on their investment. Shareholders typically can easily end their relationship with any individual business enterprise by selling their shares. In contrast, citizens typically can end their relationship with any particular government only by moving to another jurisdiction, which can be very expensive to accomplish.
• Statement 34 of GASB addresses the reporting of an art piece donated to a city
• Statement 62 of GASB addresses the revenue recognition when right to return exists.
• Statement 6 of GASB and Section 1100 discusses the number of funds established by an entity. The general rule for number of funds is
• GASB Statement 34 Implementation Procedures: Elimination of Internal Activities and Balances discusses whether interfund loan can be represented as a net balance.
• Full names and titles of all GASB pronouncements issued in 2012 are:
• Statement 67 Financial Reporting for Pension Plans—an amendment of GASB Statement 25
• Statement 66 Technical Corrections—2012—an amendment of GASB Statement 10 and 62
• Statement 65 Items Previously Reported as Assets and Liabilities
• The net operating revenue in 2017 for FASB as reported by FAF Audited financial statements is $50168000. The accounting support fees for GASB in 2017 is $8309000.
• pathway for GASB standards illustrated is: https://www.gasb.org/jsp/GASB/Page/GASBLandingPage&cid=1176160042327
• The five difference between Governments and Businesses are:
• The principal purpose of governments is to provide services that enhance or maintain the well-being of their citizens. However, the private sector generally would not provide those services at the quantity, quality, and price considered appropriate by public policy.
• Taxes are the principal source of revenue for general purpose and many special-purpose governments. Taxation is a nonexchange transaction between individual citizens and businesses and their government. From the perspective of citizens and businesses, tax transactions are legally mandated and involuntary—it is very difficult for them to avoid being involved in the transaction and paying the taxes. The principal source of revenue of business enterprises, on the other hand, is voluntary exchange transactions between willing buyers and sellers.
• Governments typically have greater longevity than business enterprises. For example, some governments trace their origins to the original 13 colonies. Governments rarely need to consider liquidating because of a combination of factors, including the power to tax, the nature of and need for the services provided, and a lack of market competition (with the exception of certain entities such as public hospitals and universities). From time to time, governments may combine through a merger or acquisition, but they continue to provide basic services.
• Government operations generally are not financed through equity ownership. Ownership interests in business enterprises may be bought and sold, but this is uncommon in government. Therefore, governments have no compelling reason to frame or orient financial statements in a way that is primarily focused on facilitating decisions of an equity market or of equity investors, which typically use financial reporting to assess the value of their ownership interest and whether that value is increasing or decreasing.
• One can view governments as being “owned” by the public similar to how business enterprises are owned by their shareholders. However, the public’s “ownership” is on an involuntary basis through paying taxes and receiving certain services from their government, as determined collectively through elections or decisions of elected representatives. Shareholders on the other hand, voluntarily choose to invest in a business enterprise and do not demand services from the business enterprise; rather, they demand a financial return on their investment. Shareholders typically can easily end their relationship with any individual business enterprise by selling their shares. In contrast, citizens typically can end their relationship with any particular government only by moving to another jurisdiction, which can be very expensive to accomplish.
• Statement 34 of GASB addresses the reporting of an art piece donated to a city
• Statement 62 of GASB addresses the revenue recognition when right to return exists.
• Statement 6 of GASB and Section 1100 discusses the number of funds established by an entity. The general rule for number of funds is
• GASB Statement 34 Implementation Procedures: Elimination of Internal Activities and Balances discusses whether interfund loan can be represented as a net balance.
• Full names and titles of all GASB pronouncements issued in 2012 are:
• Statement 67 Financial Reporting for Pension Plans—an amendment of GASB Statement 25
• Statement 66 Technical Corrections—2012—an amendment of GASB Statement 10 and 62
• Statement 65 Items Previously Reported as Assets and Liabilities
• The net operating revenue in 2017 for FASB as reported by FAF Audited financial statements is $50168000. The accounting support fees for GASB in 2017 is $8309000.
• pathway for GASB standards illustrated is: https://www.gasb.org/jsp/GASB/Page/GASBLandingPage&cid=1176160042327
• The five difference between Governments and Businesses are:
• The principal purpose of governments is to provide services that enhance or maintain the well-being of their citizens. However, the private sector generally would not provide those services at the quantity, quality, and price considered appropriate by public policy.
• Taxes are the principal source of revenue for general purpose and many special-purpose governments. Taxation is a nonexchange transaction between individual citizens and businesses and their government. From the perspective of citizens and businesses, tax transactions are legally mandated and involuntary—it is very difficult for them to avoid being involved in the transaction and paying the taxes. The principal source of revenue of business enterprises, on the other hand, is voluntary exchange transactions between willing buyers and sellers.
• Governments typically have greater longevity than business enterprises. For example, some governments trace their origins to the original 13 colonies. Governments rarely need to consider liquidating because of a combination of factors, including the power to tax, the nature of and need for the services provided, and a lack of market competition (with the exception of certain entities such as public hospitals and universities). From time to time, governments may combine through a merger or acquisition, but they continue to provide basic services.
• Government operations generally are not financed through equity ownership. Ownership interests in business enterprises may be bought and sold, but this is uncommon in government. Therefore, governments have no compelling reason to frame or orient financial statements in a way that is primarily focused on facilitating decisions of an equity market or of equity investors, which typically use financial reporting to assess the value of their ownership interest and whether that value is increasing or decreasing.

One can view governments as being “owned” by the public similar to how business enterprises are owned by their shareholders. However, the public’s “ownership” is on an involuntary basis through paying taxes and receiving certain services from their government, as determined collectively through elections or decisions of elected representatives. Shareholders on the other hand, voluntarily choose to invest in a business enterprise and do not demand services from the business enterprise; rather, they demand a financial return on their investment. Shareholders typically can easily end their relationship with any individual business enterprise by selling their shares. In contrast, citizens typically can end their relationship with any particular government only by moving to another jurisdiction, which can be very expensive to accomplish.