Do situations exist when a governmental entity must adhere to all FASB pronouncements when accounting for...
Do situations exist when a governmental entity must adhere to all FASB pronouncements when accounting for enterprise funds??
Homework Answers
ANSWER
No. A government does not have to adhere to all pronouncements of the FASB, even for its business-type activities — those accounted for in enterprise funds. It should not adhere to a FASB pronouncement that conflicts with, contradicts, or has been replaced by a GASB pronouncement. It must, however, apply all pronouncements issued prior to November 30, 1989 (except those that conflict with, contradict, or have been replaced by a GASB pronouncement). For pronouncements issued after that date, a government has a choice for its business-type activities in the government-wide statements and for its enterprise fund statements. It can either adopt all post-1989 FASB pronouncements or none of them. The option to apply post-1989 FASB pronouncements is not available for internal service funds or for governmental activities in the government-wide statements.
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Do situations exist when a governmental entity must adhere to
all FASB pronouncements when accounting for...
Do situations exist when a governmental entity adhere to all FASB Pronouncements when accounting for enterparise...
Do situations exist when a governmental entity adhere to all FASB Pronouncements when accounting for enterparise fund?
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