Wiley GAAP for Governments 2020 Interpretation and Application of Generally Accepted Accounting Principles for State and Local Governments

A comprehensive guide to the accounting and financial reporting principles used by state and local governments

As more governmental accounting standards are issued, preparers need clear guidance. The Wiley GAAP for Governments 2020: Interpretation and Application of Generally Accepted Accounting Principles for State and Local Governments guides preparers through the standards and their increasing complexity. This is a comprehensive guide to the accounting and financial reporting principles for state and local governments, as well as other government organizations. It has been written to address the needs of users and serve as a helpful resource.

Wiley GAAP for Governments 2020 covers the key developments in governmental GAAP that occurred in 2019. Financial professionals can turn to this reliable reference for detailed information and guidance on implementing newly issued and revised standards. Charts and diagrams encourage enhanced understanding of the information.

Practitioners will find that the book offers:

• Coverage of financial statements for school districts, public authorities, and pension plans
• Timely information about implementing accounting updates
• Content that stands as an application guide for practitioners
• Checklist for preparers to help ensure that all required disclosures are completed

This thorough guide can help financial professionals successfully navigate the complexities of the latest governmental accounting standards. It is a practical resource for those who prepare the critical financial statements of government entities.

WARREN RUPPEL, CPA, is the author of several accounting and auditing publications, including multiple editions of Wiley GAAP for Governments. Mr. Ruppel is a partner at Marks Paneth LLP, where he is the government services practice leader. Mr. Ruppel has also served as the Chief Financial Officer of an international not-for-profit organization, the Assistant Comptroller for Accounting of The City of New York, and the Secretary of the New York City Audit Committee.

Preface vii

About the Author ix

1 New Developments 1

2 Foundations of Governmental Accounting 7

3 Fund Accounting Fundamentals 29

4 General Fund and Special Revenue Funds 49

5 Capital Projects Funds 61

6 Debt Service Funds 73

7 Proprietary Funds 83

8 Fiduciary Funds 97

9 Financial Statements Prepared by Governments 109

10 The Importance of Budgets to Governments 177

11 Definition of the Reporting Entity 189

12 Cash and Investments—Valuation and Disclosures 237

13 Derivative Instruments 295

14 Capital Assets 321

15 Debt and Other Obligations 355

16 Landfill Closure and Postclosure Care Costs 401

17 Postemployment Benefits—Pension and Other 411

18 Compensated Absences 455

19 Accounting for Leases 465

20 Nonexchange Transactions 487

21 Risk Financing and Insurance-Related Activities/Public Entity Risk Pools 503

22 Pension and OPEB Plan Financial Statements 529

23 Educational and Other Governmental Entities 565

Appendix: Disclosure Checklist 579

Index 623

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