Questions from Accounting for Government and Non-Profit

Q: Did the government capitalize infrastructure assets acquired during the year? Did

Did the government capitalize infrastructure assets acquired during the year? Did it account for infrastructure assets using the “standard” or the “modified” approach?

Q: Did the government capitalize collections of art or historical treasures? Did

Did the government capitalize collections of art or historical treasures? Did it depreciate such collections?

Q: Judging from the disclosures pertaining to investments, does the entity have

Judging from the disclosures pertaining to investments, does the entity have any investments that appear to be especially risky? In your judgment, to which risk (e.g., credit risk, interest rate risk,...

Q: Does the government own any “unusual” securities such as derivatives

Does the government own any “unusual” securities such as derivatives? If so, does the report contain an explanation of these transactions?

Q: When bonds are issued for capital projects, premiums are generally not

When bonds are issued for capital projects, premiums are generally not accounted for as the mirror image of discounts. Why not?

Q: It is sometimes said that in debt service funds the accounting for

It is sometimes said that in debt service funds the accounting for interest revenue is inconsistent with that for interest expenditure. Explain. What is the rationale for this seeming inconsistency?

Q: At one time governments maintained a unique type of fund to account

At one time governments maintained a unique type of fund to account for special assessments. This fund recorded the construction in process, the long‐term debt, and the assessments receivable. Explain...

Q: Special assessment debt may be, in economic substance and/or

Special assessment debt may be, in economic substance and/or legal form, an obligation of the assessed property owners rather than a government. Should the government, therefore, report it in its stat...

Q: How should governments report their capital projects and debt service activities in

How should governments report their capital projects and debt service activities in their governmentwide statements?

Q: The following are selected measures of service efforts and accomplishments that might

The following are selected measures of service efforts and accomplishments that might be appropriate for a university. For each, indicate whether it is an input, output, or outcome, and state the obje...