State and Local Governments
Published August 31, 2012
Whether you are a financial statement preparer or auditor, it is critical to understand the complexities of state and local governments, including revenue and expense recognition, asset valuation, and financial statement presentation. AICPA publications provide information on recent developments, guidance, practice aids, and illustrative examples for the common accounting and audit practices in state and local governments including
- understanding the unique accounting and auditing issues for state and local governments.
- principles for reporting assets, liabilities and net assets, and related disclosures.
- financial reporting requirements, including required supplementary information.
- accounting for and reporting cash, investments, and investment-related transactions.
- considerations for auditing primary government and component unit financial statements.
- guidance on accounting and auditing considerations for capital assets and investments, including derivatives.
In 2012, AICPA state and local government publications include
AICPA Audit and Accounting Guide State and Local Governments
Applying OCBOA in State and Local Governmental Financial Statements
Audit Risk Alert State and Local Governmental Developments
Checklists and Illustrative Financial Statements State and Local Governments
The AICPA Audit Committee Toolkit: Government Organizations
- new auditing guidance and reporting examples for required supplementary information (RSI), supplementary information, and other information applicable to state and local governments.
- implementation of GASB Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements.
- illustrative examples of auditor’s reports for a variety of forms of government and financial statements and disclosures.