State and Local Governments - Audit and Accounting Guide
This authoritative guide offers complete coverage of state and local government audit and accounting considerations critical for both preparers and auditors.
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The complete coverage you need.
State and local government audit and accounting is changing rapidly. Stay updated with the most current guidance.
Featuring insights and best practices for some of the more complex areas such as leases, fiduciary activities, pensions and postemployment benefits other than pensions (OPEB), this authoritative guide provides complete coverage of audit and accounting considerations critical for both preparers and auditors.
Topics covered also include:
- Financial reporting and the financial reporting entity
- Revenue and expense recognition
- Capital asset accounting
- The elements of net position
- Accounting for fair value
- Municipal securities offerings
- Tax abatements
This edition of the guide includes a new chapter that addresses accounting and financial reporting standards for leases for both lessees and lessors and auditing considerations for lessees. This chapter is designed to provide readers with an overview of the accounting and practical application of the lease guidance under GASB Statement No. 87, Leases, as amended. The chapter also addresses auditing considerations for lessees. Although no specific audit guidance is included for lessors, the audit guidance for lessees may be adapted as appropriate for lessors. The guide has also been updated for the following guidance: • GASB Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period • GASB Statement No. 91, Conduit Debt Obligations • GASB Statement No. 92, Omnibus 2020 • GASB Statement No. 93, Replacement of Interbank Offered Rates • GASB Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements • GASB Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans - an amendment of GASB Statements No. 14 and No. 84, and a supersession of GASB Statement No. 32 • GASB Statement No. 98, The Annual Comprehensive Financial Report
A new Disclaimer of Opinion report has been added to the audit reporting chapter. Additionally, "COVID-19 Considerations" boxes have been placed throughout the chapters in this guide in order to alert readers to pandemic-related considerations.
- Auditors who are auditing the basic financial statements of a state or local government in accordance with GAAS.
- Finance personnel of a state or local government responsible for financial reporting.
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