You recently landed your dream job working for the state as an accountant. You are given the task to research several state and local governmental financial accounting issues.

For each of the following issues, rank the guidance based on the governmental GAAP hierarchy.

    Issue 1:

• Governmental accounting textbook
• GASB Technical Bulletin
• FASB statement
• GASB interpretation

    Issue 2:

• AICPA Practice Bulletins (applying specifically to state and local government)
• AICPA Industry Audit and Accounting Guides
• AICPA issue papers
• Widely recognized industry practice

    Issue 3:

• International Accounting Standards Committee Statements
• AIPCA Statements of Position (applying specifically to state and local government)
• GASB Q&As
• GASB Statement
• Issue 4:
• Article in a leading audit journal
• FASB Statement
• Leading accounting textbook
• Position statement from GASB Emerging Issues Taskforce
• Issue 5:
• GASB Technical Bulletin
• FASB Technical Bulletin
• Speech from a leading accounting professor
• GASB concept statement

Objectives:

1.       Demonstrate knowledge of the current tax, auditing and accounting issues that concern governmental and not-for-profit entities

2.       Explain the difference between various funds (i.e., general special revenue, restricted, unrestricted, etc.) used in governmental and not-for-profit accounting