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Homework Week 1 Accounting

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1-2. Identify and describe the five environmental differences between governments and for-profit business enterprises as identified in the Governmental Accounting Standards Board's Why Governmental Accounting and Financial Reporting Is—and Should Be—Different. The five environmental differences include mission/purpose, source of revenue, potential longevity, relationship with stakeholders, and role of budget. The mission/purpose is defined by the goals of the organization. The purpose of a commercial business is to make money. A non-profit organization’s purpose is to provide a service, without compensation from the people being served.

The source of revenue comes from net income, which comes from a sale of goods or services in the private sector or in the public sector comes from tax dollars or donations.
The longevity potential for a private business depends on the ability to generate a profit. In contrast a non-profit relies upon tax dollars or donations.
The stakeholders of a private corporation are the owners/stockholder/investors. The stakeholders of a public organization are the taxpayers and general public being served.
The budget in the private sector is flexible, depending on revenues and directors. The budget within a public organization is typically not flexible and has to be followed exactly.

1-3. Identify and briefly describe the three organizations that set standards for state and local governments, the federal government, and nongovernmental not-for-profit organizations.
FASAB: Federal Accounting Standards Advisory Board provides accounting standards for congressional oversight groups, executive agencies, and other users of federal financial information.
FASB: Financial Accounting Standards Board provides standards within the private that govern the preparation of financial reports by nongovernmental entities
GASB: Governmental Accounting Standards Board provides accounting standards within the public-sector financial reporting, to be used in governmental accounting and financial reporting.
1-4. What is the definition of a government as agreed upon by the FASB and GASB? The definition of a government, as agreed to by the FASB and the GASB is as follows: “Public corporations and bodies corporate and politic are governmental organizations. Other organizations are governmental organizations if they have one or more of the following characteristics: Popular election of officers or appointment (or approval) of a controlling a majority of the members of the organization’s governing body by officials of one or more state or local governments; The potential for unilateral dissolution by a government with the net assets reverting to a government, or the power to enact and enforce a tax levy. Furthermore, organizations are presumed to be governmental if they have the ability to issue directly (rather than through a state or municipal authority) debt that pays interest exempt from federal taxation. However, organizations possessing only that ability (to issue tax-exempt debt) and none of the other governmental characteristics may rebut the presumption that they are governmental if their determination is supported by compelling, relevant evidence.” (
1-5. Describe the “hierarchy of GAAP” for state and local governments, the federal government, and nongovernmental not-for-profit organizations. Based on the website, www.fasab.gov. The hierarchy of GAAP is that the standards of the FASAB will be followed, as the primary step. The next level is the AICPA is the following standard. While both standards can be open to interpretation, this is the hierarchy or order that is generally practiced.
For state and local governmental units: 1. GASB Statements and Interpretations, plus AICPA and FASB pronouncements if made applicable to state and local governments by a GASB Statement or Interpretation.

2. GASB Technical Bulletins, and the following pronouncements if specifically made applicable to state and local governments by the AICPA; AICPA Industry Audit and Accounting Guides and AICPA Statements of Position. 3. Consensus positions of the GASB Emerging Issues Task Force (not yet in existence) and AICPA Practice Bulletins if specifically made applicable to state and local governments by the AICPA.

4. "Q's and A's" published by the GASB staff, as well as industry practices widely recognized and prevalent.

5. Other accounting literature, including GASB Concepts Statements; pronouncements in categories (a) through (d) of the hierarchy for nongovernmental entities when not specifically made applicable to state and local governments; FASB Concepts Statements; FASAB Statements, Interpretations, and Technical Bulletins, AICPA Issues Papers; International Accounting Standards Committee Statements, pronouncements of other professional associations or regulatory agencies; AICPA Technical Practice Aids; and accounting textbooks, handbooks, or articles.

For the federal government and its agencies:

1. FASAB Statements and Interpretations, plus AICPA, FASB, and GASB pronouncements if made applicable to federal governmental entities by a FASAB Statement or Interpretation. 2. FASAB Technical Bulletins and the following pronouncements if specifically made applicable to federal governmental entities by the AICPA and cleared by the FASAB; AICPA Industry Audit and Accounting Guides and AICPA Statements of Position.

3. AICPA AcSEC Practice Bulletins if specifically made applicable to federal governmental entities and cleared by the FASAB and Technical Releases of the Accounting and Auditing Policy Committee of the FASAB.

4. Implementation Guides published by the FASAB staff and practices that are widely recognized and prevalent in the federal government.

5. Other accounting literature, including FASAB Concepts Statements; pronouncements in categories (a) through (d) of the hierarchy in paragraph 10 when not specifically made applicable to federal governmental entities; FASB and GASB Statements, Interpretations, Technical Bulletins, and Concepts Statements; AICPA Issues Papers; International Accounting Standards of the International Accounting Standards Committee; pronouncements of other professional associations or regulatory agencies; AICPA Technical Practice Aids; and accounting textbooks, handbooks, or articles.

For nongovernmental units:

1. FASB Statements and Interpretations, APB Opinions, and AICPA Accounting Research Bulletins.

2. FASB Technical Bulletins, AICPA Industry Audit and Accounting Guides, and AICPA Statements of Position.

3. Consensus positions of the FASB Emerging Issues Task Force and AICPA Practice Bulletins.
4. AICPA Accounting Interpretations;

5. Other accounting literature, including FASB Concepts Statements; AICPA Issues Papers; International Accounting Standards Committee Statements, GASB Statements, Interpretations.

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