This book provides a review of the top accounting and auditing issues faced by preparers of governmental and not-for-profit financial statements and their auditors. Key areas covered include: GASB 87, Leases; revenue recognition, including grants and contracts; risk assessment; and financial reporting. Key topics include: _ _ Current GASB developments _ _ Audit issues related to GASB developments _ _ Recent GASB pronouncements and their impact on accounting and reporting _ _ Top advice from the AICPA's Technical Hotline and the GASB Technical Inquiry System
This book provides a review of the top accounting and auditing issues faced by preparers of governmental and not-for-profit financial statements and their auditors. Key areas covered include: GASB 87, Leases; revenue recognition, including grants and contracts; risk assessment; and financial reporting.
Key topics include: _ _ Current GASB developments _ _ Audit issues related to GASB developments _ _ Recent GASB pronouncements and their impact on accounting and reporting _ _ Top advice from the AICPA's Technical Hotline and the GASB Technical Inquiry System
Lynda Dennis, CPA, is a professor at the University of Central Florida. She is a former director of finance for the city of Maitland, Florida, where she was responsible for all finance functions including risk management, procurement policies and procedures, investment of City funds, and internal and external financial and operational reporting. Prior to that she was assistant to the chief financial officer-special projects for the city of Orlando, Florida, where she was responsible for assisting the CFO in debt issuance including variable and fixed, new money and refundings, hedge transactions, arbitrage issues and compliance; project financing negotiations for public/private partnerships; cash flow projections for projects; and, preparation, analysis and presentation of cost-benefit studies.
Inhaltsangabe
Chapter 1 1-1
GASB Statement No. 87, Leases 1-1
Major areas of inquiry 1-2
Background 1-3
Applicability of GASB Statement No. 87 1-5
Terms and their application 1-6
Overview of requirements of GASB Statement No. 87 1-9
Financial reporting 1-26
Implementation challenges 1-27
Summary 1-31
Chapter 2 2-1
Revenue Recognition by Not-for-Profit Entities 2-1
Major areas of inquiry 2-2
Overview 2-3
Accounting for contributions 2-6
Agency transactions 2-11
Exchange transaction or contribution 2-16
Case study 2-22
Summary 2-23
Practice questions 2-24
Chapter 3 3-1
Risk Assessment and Related Documentation 3-1
Major areas of inquiry 3-2
Background 3-3
Risk assessment and professional standards 3-5
Risk assessment procedures 3-6
Understanding internal control 3-9
Assessing the risks of material misstatement 3-11
Responses to the risk of material misstatement and linking results of risk assessment to the audit procedures 3-13
Summary 3-21
Practice questions 3-22
Chapter 4 4-1
GASB Statement No. 83, Certain Asset Retirement Obligations 4-1
Major areas of inquiry 4-2
Background 4-3
Overview of GASB Statement No. 83 4-4
Recognition and measurement of AROs 4-6
Disclosures relating to AROs 4-11
Financial reporting 4-13
Implementation challenges 4-14
Summary 4-17
Chapter 5 5-1
Accounting for Special Events by Not-for-Profit Entities 5-1
Major areas of inquiry 5-2
Overview 5-3
Revenue recognition 5-4
Reporting costs relating to special events 5-6
Special events accounting and reporting considerations 5-8
Reporting special events in the statement of activities 5-15
Summary 5-17
Practice questions 5-18
Chapter 6 6-1
Audit Sampling 6-1
Major areas of inquiry 6-2
Overview 6-3
Uncertainty and audit sampling 6-5
Approaches to audit sampling 6-8
Evaluating the results of sampling 6-15
Summary 6-18
Practice questions 6-19
Chapter 7 7-1
The Financial Reporting Model for Not-for-Profit Entities 7-1
Major areas of inquiry 7-2
Overview 7-3
Key changes in ASU No. 2016-14 7-4
Initial implementation and subsequent application considerations 7-13
Summary 7-18
Practice questions 7-19
Chapter 8 8-1
Government Auditing Standards -- Independence, Competence, and Continuing Professional Education 8-1
Major areas of inquiry 8-2
Overview 8-3
Independence 8-5
GAGAS conceptual framework approach to independence 8-7
Provision of nonaudit services to audited entities 8-16
Consideration of specific nonaudit services 8-21
Documentation 8-27
Competence and CPE 8-29
Summary 8-34
Practice questions 8-35
Appendix A A-1
ASU No. 2014-09: Revenue from Contracts with Customers (Topic 606) A-1
ASU No. 2014-09: Revenue from Contracts with Customers, as Amended A-3
Appendix B B-1
Accounting Standards Update No. 2018-08: Not-For-Profit Entities (Topic 958): Clarifying the Scope and The Accounting Guidance for Contributions Received and Contributions Made B-1
Overview of requirements of GASB Statement No. 87 1-9
Financial reporting 1-26
Implementation challenges 1-27
Summary 1-31
Chapter 2 2-1
Revenue Recognition by Not-for-Profit Entities 2-1
Major areas of inquiry 2-2
Overview 2-3
Accounting for contributions 2-6
Agency transactions 2-11
Exchange transaction or contribution 2-16
Case study 2-22
Summary 2-23
Practice questions 2-24
Chapter 3 3-1
Risk Assessment and Related Documentation 3-1
Major areas of inquiry 3-2
Background 3-3
Risk assessment and professional standards 3-5
Risk assessment procedures 3-6
Understanding internal control 3-9
Assessing the risks of material misstatement 3-11
Responses to the risk of material misstatement and linking results of risk assessment to the audit procedures 3-13
Summary 3-21
Practice questions 3-22
Chapter 4 4-1
GASB Statement No. 83, Certain Asset Retirement Obligations 4-1
Major areas of inquiry 4-2
Background 4-3
Overview of GASB Statement No. 83 4-4
Recognition and measurement of AROs 4-6
Disclosures relating to AROs 4-11
Financial reporting 4-13
Implementation challenges 4-14
Summary 4-17
Chapter 5 5-1
Accounting for Special Events by Not-for-Profit Entities 5-1
Major areas of inquiry 5-2
Overview 5-3
Revenue recognition 5-4
Reporting costs relating to special events 5-6
Special events accounting and reporting considerations 5-8
Reporting special events in the statement of activities 5-15
Summary 5-17
Practice questions 5-18
Chapter 6 6-1
Audit Sampling 6-1
Major areas of inquiry 6-2
Overview 6-3
Uncertainty and audit sampling 6-5
Approaches to audit sampling 6-8
Evaluating the results of sampling 6-15
Summary 6-18
Practice questions 6-19
Chapter 7 7-1
The Financial Reporting Model for Not-for-Profit Entities 7-1
Major areas of inquiry 7-2
Overview 7-3
Key changes in ASU No. 2016-14 7-4
Initial implementation and subsequent application considerations 7-13
Summary 7-18
Practice questions 7-19
Chapter 8 8-1
Government Auditing Standards -- Independence, Competence, and Continuing Professional Education 8-1
Major areas of inquiry 8-2
Overview 8-3
Independence 8-5
GAGAS conceptual framework approach to independence 8-7
Provision of nonaudit services to audited entities 8-16
Consideration of specific nonaudit services 8-21
Documentation 8-27
Competence and CPE 8-29
Summary 8-34
Practice questions 8-35
Appendix A A-1
ASU No. 2014-09: Revenue from Contracts with Customers (Topic 606) A-1
ASU No. 2014-09: Revenue from Contracts with Customers, as Amended A-3
Appendix B B-1
Accounting Standards Update No. 2018-08: Not-For-Profit Entities (Topic 958): Clarifying the Scope and The Accounting Guidance for Contributions Received and Contributions Made B-1
Glossary Glossary 1
Index Index 1
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