State & Local Government Accounting

State & Local Government Accounting

Sources of GAAP for Government Entities

1. GASB Statements & Interpretations
2. GASB Technical Bulletins
3. Consensus Positions of GASB EITF (if it existed)
4. Implementation Guides of GASB Staff & Widely Recognized Industry Practices
5. Other Accounting Literature


Objectives of Financial Reporting for State and Local Governments are based on notion of Accountability (GASB Concept Statement No. 1 (1987)

1. Compare actual results to budget
2. Assess financial condition and operating results
3. Assist in determining compliance with relevant laws and regulations
4. Assist in evaluating efficiency and effectiveness


The Reporting Entity

The Primary Government: Typically a state or local government entity.

A Component Unit (e.g., community college, housing authority, arts organization) is usually reported in discrete presentation (separate column), but may be blended.



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